Central Willamette Community Credit Union

Flood

Since standard homeowners insurance doesn't cover flooding, it is important to have protection from floods associated with heavy rains, winter storms and snow melts.  In fact, floods are the most common natural disaster in the United States.  Your home has a 26% chance of being damaged by a flood during a 30 year mortgage in a high risk area, compared to a 9% chance of fire.

Flood insurance is available to homes, renters, condominiums and manufactured homes.  Unless flood insurance is required by your mortgage lender at the time of closing, it takes 30 days after purchase for a policy to take effect, so it's important to buy the insurance before the flood water rises.