Looking for Flood Insurance in Washington state?
When most people think of a flood, they might think of events like Hurricane Katrina, or Hurricane Sandy. These were huge devastating storms that caused billions of dollars in damage. In reality, most floods are caused by far less catastrophic situations. In fact, just one inch of water can cause $25,000 in damage, according to FEMA.
Did you know that every single house in the entire country is in a FEMA flood zone? It’s just that some flood zones are worse than others. You can purchase a National Flood Insurance Program (NFIP) flood insurance policy directly through an insurance agent here at PNW Insurance. Get a flood insurance quote today!
Do I need Flood Insurance?
Regardless of whether you are located in Puyallup, Ferndale, Monroe, Tacoma or any other part of Washington state, flood insurance must be purchased as a separate, stand-alone policy because flood damage is typically NOT covered by homeowners insurance or commercial insurance. In fact, if you live in certain flood zones, your mortgage company may require that you purchase a flood insurance policy.
Please also keep in mind that although federal flood assistance is available if there is a Presidential disaster declaration, most floods don’t result in a declaration. In addition, flood disaster assistance will not be able to restore your property and it’s contents to their pre-disaster conditions in the same way flood insurance is able to.
Flood Insurance Facts You Should Consider
What if I live outside a high-risk flood zone? Doesn’t FEMA and the U.S Small Business Administration provide federal flood assistance? If you live outside a high-risk flood zone and are not required to have flood insurance coverage, you probably are wondering – is flood insurance really worth it? Here are some interesting things about flood insurance you should know, according to FEMA and the Insurance Information Institute (III):
- Homeowners in low-moderate risk areas can purchase building and contents coverage for as little as $325 per year.
- Federal disaster assistance typically comes in the form of a loan that must be repaid with interest!
- The average disaster assistance grant is about $5,000 per household while the average flood claim in 2018 was $42,580.
- 20% of all flood insurance claims are filed by property owners in low to moderate risk areas.
- Flood insurance policies can reimburse you for the work that you and other family members did to sandbag your homes, move furniture and remove debris.
- As of July 2020, 69% of policies covered single family homes, 21% covered condominiums and other residential properties, and 4% covered 2-4 -family units. Business and other non-residential policies accounted for the remainder.
What does Flood Insurance cover?
Simply put, flood insurance is designed to reimburse you for losses directly caused by flooding.
Flood insurance itself actually consists of two different coverages available through the NFIP: Building Coverage and Contents Coverage (personal property).
- Building coverage protects the physical structure of your home or commercial property, including electrical and plumbing systems, refrigerators, central air conditioners, solar energy equipment, window blinds and more.
- Contents coverage protects the belongings inside of the property including items such as clothing, furniture, microwaves and TV’s, at their value at the time of loss.
Keep in mind that there are coverage limits of $250,000 per building and $100,000 for contents on residential buildings. For non-residential buildings, there is a $500,000 limit for building coverage and contents coverage. If you are small business owner in need of additional coverage, surplus line coverage is what you need. Contact us today to learn more.
What does Flood Insurance NOT cover?
When it comes to flood insurance, there are some limitations that a typical policy will not cover which include:
- Damage caused by moisture, mildew or mold that could have been avoided by the property owner
- Damage caused by earth movement as a result of a flood
- Currency, precious metals and valuable papers like stock certificates, wills, and trusts
- Property outside of a building like trees, fences, swimming pools, and hot tubs
- Financial losses caused by business interruption
- Temporary housing expenses while the building is being repaired or is unable to be occupied
How to Get a Flood Insurance Quote
We understand you may be concerned about floods and the insurance policy you might need to be carrying. So while we are based in Puyallup, we are happy to share that we also serve clients all across Washington state in cities like Ferndale, Monroe, Tacoma and yes even Spokane!
Our local and independent insurance agency is ready to answer all your questions about flood insurance. Get your online quote from one of our independent flood insurance agents today!