There is a 26% chance that a structure within the flood hazard area be damaged during a 30 year mortgage period - compared to a 10% chance of fire damage during the same period of time.Standard property insurance polices do not cover flood damage.Even areas outside the Special Flood Hazard Area (SFHA) are eligible for flood insurance. Separate flood insurance is available for structures, as well as for contents. Standard homeowners’ insurance does not cover floods. These letters establish a property’s location in relation to the Special Flood Hazard Areas (SFHA) - they are an official amendment, by letter, to an effective NFIP map. If you feel a NFIP map is in error because your property is above the base flood elevation (naturally or by use of fill), you may request a LOMA or LOMR-F from the Federal Emergency Management Agency. Elevation Certificates must be prepared by a licensed engineer or surveyor in the State of Oregon.Įlevation certificates are also used to support requests for map changes including Letter of Map Amendment (LOMA) and Letter of Map Amendment based on fill (LOMR-F). Property owners provide an Elevation Certificate to help the City determine compliance with local ordinances and to help insurance providers determine proper insurance premiums. In order to participate in the NFIP, the City must ensure that new construction and/or substantial improvement of existing structures complies with local floodplain regulations. “A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from: overflow of inland or tidal waters and unusual and rapid accumulation.” Flood Causesįloods are caused by multiple issues, acting alone or together with others.The City of Eugene participates in the National Flood Insurance Program(NFIP) which provides affordable insurance to property owners and encourages communities to adopt and enforce floodplain management regulations that will reduce the socio-economic impact from flood effects. Most flood insurance policies recognize a very broad definition of “flood” which is: Definition of “Flood”įor coverage to apply, a flood needs to occur. Flood Riskĭetermining your risk of flood can be determined by by contacting us or by using opens in a new windowFEMA’s flood mapping tool. Our form includes all the information needed to quote a private flood insurance policy, a program offering the same coverage as the NFIP but with a greatly streamlined application process. Complete it and an agent will be in touch with you in short order. Our simple flood quote form is all that is needed to get the process started. Certain private market flood policies have shorter waiting periods. The waiting period can be waived if a lender is requiring the coverage due to a new home sale or increasing, extending, or renewing a loan. NFIP flood insurance policies require a 30 day waiting period for coverage to go into effect. Flood insurance means you’ll be reimbursed for all covered expenses. Cleanup and mitigation costs are a major percentage of every loss. Flooring, molding, wallboard, electrical, plumbing, and even heating and air conditioning systems can all be damaged by even a minor flood event. Minimal amounts of water, just and inch in your home or building, can cause significant structural damage.
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