What is Flood Insurance?

Have you ever seen the damage a flood can wreak?  With even small amounts of floodwater, the potential for devastation is enormous. For this reason, standard household and commercial insurance policies usually exclude flooding as a peril. This means that you must purchase a separate flood insurance policy to ensure you are covered in the event of flooding. Washington state is one of the most flood-prone states in the USA, so it makes sense to speak to the friendly agents at Capital Insurance serving Spokane, WA, about your flood risk.

Spokane is a participating member of the National Flood Insurance Program (NFIP). NFIP is managed by the Federal Emergency Management Agency (FEMA).  Flood insurance is a single peril policy and protects against direct physical loss because of flooding. It has two sections. You may choose either or both.

Building Coverage

This is for the building itself, including the foundations. It includes certain electrical installations, as well as permanently installed fixtures and fittings specified in the policy.

Contents Coverage

Also known as personal property coverage. This is for the things inside the building like clothing, furniture, and certain appliances, as well as valuable items up to a certain dollar limit, like artwork. With this kind of coverage, it is generally a good idea to keep receipts of your personal belongings in case you need to claim.

Flood insurance usually comes into effect 30 days after purchasing the policy, unless required for a mortgage. When purchasing flood insurance, it is imperative to review the exact definition of what is considered a flood under your policy.

Do not be caught out! When you live in Spokane, WA, situated on the Spokane River, it is best to make an informed choice and contact Capital Insurance today about your insurance options.