The National Flood Insurance Program (NFIP) is undergoing a big change that affects property owners in Beaverton who purchase flood insurance policies.
Floods can happen anywhere — just one inch of floodwater can cause more than $25,000 in damage. Most homeowners’ insurance does not cover flood damage.
The NFIP provides flood insurance to property owners, renters and businesses, helping them recover faster when floodwaters recede. It is managed by the Federal Emergency Management Agency (FEMA) and usually provided to property owners by approximately 60 private insurance companies.
Starting Apr. 1, 2022, NFIP policies that are bought or renewed will all be rated on a new system, Risk Rating 2.0, designed to be more equitable and easier to administer. The new methodology incorporates additional flood risk variables to better reflect a property’s individual attributes, including location, elevation, and the actual cost to rebuild.
Homes and businesses located within FEMA’s mapped floodplains, which have mortgages from government-backed lenders, are required to have flood insurance.
Is my property in a mapped FEMA floodplain? To see the current FEMA floodplain maps, enter your address in the search bar at: https://msc.fema.gov/portal/home. You can also contact staff in the Community Development Department at 503-350-4021 or by email at: sitedevelopment@BeavertonOregon.gov.