Do You Really Need Flood Insurance? Yes!

Many homeowners wonder whether it’s really necessary to get flood insurance. Do you need it for your home? The answer is always yes! A flood insurance policy is essential to protecting your home and belongings. These policies are important because flood waters are so damaging to structures, and Washington gets an enormous amount of rain. Flooding can happen anywhere, and you need this coverage for your own protection. To find out more about it, call us at Capital Insurance in Spokane, WA.

Floods and Home Insurance

One of the reasons that so many people don’t get a flood policy is that they think floods are covered under their regular home insurance. However, this isn’t true. Virtually all home policies exclude any flooding damage from their coverage. That’s why you need both a home policy and a flood policy. With both, you’re fully protected against many of the disasters that can cause so much damage to a home. 

Living Outside Flood Zones

Another common misnomer is that you only need to get flood insurance if your home is inside a designated flood zone. While it’s important to have flood insurance if you live in one of these zones, you also have a good chance of flooding if you don’t live in one. Twenty percent of the flood claims handled by insurance come from outside designated flood zones. Just because you’re outside a flood zone doesn’t mean that devastating flooding can’t happen in your area. Often, flooding isn’t expected and couldn’t have been foreseen. It would be best if you were protected against that possibility. 

Get Your Flood Insurance Policy

You need one of these policies to protect yourself. To get started with one, call Capital Insurance in Spokane, WA, today. 

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. 

Why Everyone Needs Flood Insurance

Floods are a common type of disaster that can cause an extreme amount of damage to a home. When you have been the victim of a flood, you will owe an enormous amount for repairs if you don’t have flood insurance. It’s recommended that everyone get this type of insurance to keep their home protected. It’s important to have this insurance no matter where you live. When you need flood insurance, we’re here to help. Just call us at Capital insurance in Spokane, WA.

Flood Insurance Backing

When you get flood insurance, it is sponsored and backed by the government’s National Flood Insurance Program. This program provides this insurance and makes sure that it’s fully backed. The program also sets the policy’s price so that it is the same no matter where you buy the policy. That’s great for everyone who wants to know that they have the best price for the insurance they get. 

Flood Insurance Claims

Most people only think about flood insurance if they live in an area that has been labeled as a high-risk zone for floods. When you live in one of these zones, you certainly need flood insurance. However, it’s also important to have this coverage when you live outside these zones. About 20% of all flood claims originate from areas that are not inside these zones. That’s a lot of flooding that happens in areas that aren’t considered at high risk. The National Flood Insurance Program recommends that everyone should have this coverage so that they are well-protected in case of floods. It’s important insurance for protecting your finances after a flood has occurred. 

Get Protection Against Floods

If you are looking to get a flood policy, we can help. Just give us a call today at Capital insurance in Spokane, WA to find out more. 

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.