Is Flood Insurance Really Necessary?

If you’re a Spokane, WA resident and you’re either already a homeowner or you’re thinking about becoming one, you might wonder about flood insurance. You might believe you will be covered in case of flooding since you have or will be purchasing homeowners insurance, but here is an overview of some things for you to consider:

Spokane, WA is More Susceptible to Floods than Other Cities

Flooding can occur in any city at any time, but the likelihood of it occurring in Spokane is increased. It is believed that this is due to the city’s proximity to the Spokane River and Latah Creek. While Spokane certainly doesn’t receive as much rain as cities like Fort Myers, Florida, or Coastal Georgia, you can never predict when a flood might occur. This means that flood insurance is always a good idea.

Limited Assistance from FEMA

The government offers a program called the Federal Emergency Management Agency (FEMA), that provides assistance to homeowners in the event of a flood or other disaster. FEMA offers grants, low-cost loans, and additional resources to assist disaster victims, but there are limitations. In some cases, there are long waits and limited funds, if there are even any funds available at all when you apply.  

Homeowners Insurance Also Has Limitations

Many homeowners automatically assume that their homeowners’ insurance will cover any damage sustained by flooding, but most homeowners insurance plans don’t cover flooding. Many homeowners have found out the "hard way" that they should have flood insurance in addition to their homeowners’ insurance. It may seem like a bit of an overkill, but it isn’t. It’s protection for you, so you won’t have to pay out of pocket for any damage from flooding. 

Capital Insurance Is Here To Help

As you can see, by opting for flood insurance, you’re adding maximum protection in case the unfortunate were occur. You may never actually experience any damage from a flood, but there’s nothing like having peace of mind by purchasing flood insurance. If you’re seeking a new insurance provider, we here at Capital Insurance are a great agency that can provide you with top-notch service and optimum coverage. Hopefully, you can use our agency for all your insurance needs.