Get Washington flood insurance quotes, cost & coverage fast with the National Flood Insurance Program (NFIP). Keep your WA home and property protected from flood damage.
WA Flood Insurance
When it comes to Washington flood insurance and your condo, renters and homeowners insurance there are some important points to keep in mind.
A common question is, "I already have WA homeowners, renters or condo insurance - am I already covered?" The simple answer No. It is important to be aware that a standard homeowners, condo or renters policy does not cover damages resulting from a flood.
Homeowners, condo and renters insurance typically cover dwelling damage that comes from the top down; like as rain and wind damage, or originates inside like fire or burst pipes - but it doesn't cover rising water and flooding. This is why you might want to consider purchasing a Washington flood insurance policy.
There may be a waiting period for your WA flood policy to take effect. For example, there is a 30-day waiting period for National Flood Insurance Program (NFIP) flood insurance policies to become effective. This is why you can't wait until you see a big storm on the weather channel, or wait until hurricane season to buy flood insurance for you home, apartment or condo.
Next, a "flood" is generally defined as "a temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
- overflow of inland or tidal waters, or...
- unusual and rapid accumulation or runoff of surface waters from any source, or...
- mudflow or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves, or...
- currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
Do You Need Flood Insurance?
Now, in case you think that Washington flood insurance is only for homes that are on or near the water, that's not necessarily the case. For example, even if you live several miles away from water flood waters can still reach your home, as happened during hurricane Sandy. In fact, nearly 25% of flood insurance claims are paid on policies in low-to-moderate-risk areas.
What's more, it's not always a major body of water, or even a major storm, that causes a flood. Things like a broken sewer line to a slow moving rainstorm can cause flooding. Furthermore, experts say your home has a 26% chance of being damaged by a flood over the life of a 30-year mortgage.
Your mortgage company may require you to get WA flood insurance if you live in a high-risk area, and this extra expense often surprises home buyers.
If you own a WA business, you can learn about Washington commercial flood insurance.
How Much Does Washington Flood Insurance Cost?
How much does Washington flood insurance cost? This is the question most on people's mind when they are shopping for a flood policy. Because flood insurance is not a one size fits all, and there are many factors that are taken into consideration in your premiums - the easiest way to get flood insurance rates is to contact an agent to discuss your situation. Then you can get an accurate flood insurance quote to see the cost.
Below are some of the main factors that make up the cost of Washington flood insurancee for your apartment, condo or home:
- Your WA property's flood risk - what flood zone you are in. More risk = higher premiums, less risk = lower premiums.
- How much coverage you need. More coverage = higher premiums, less coverage = lower premiums.
You can also look up your flood zone at: FEMA Flood Map Service Center: Search By Address.
How Can I Buy Washington Flood Insurance?
Although flood insurance has only been available to homeowners or renters through the NFIP, it is now available through private insurers, including surplus lines insurers. This means more options when you are shopping for flood insurance.
When buying flood insurance, it is important to consider the kind of coverage you need. There are limits to these policies - the highest amount your policy will pay for a covered loss. If you have damage or losses over the amount of your policy limit, you are responsible for those costs.
Insurance companies write different types of flood insurance policies including dwelling - the structure of your home - up to $250,000, and its contents - your personal property within the dwelling - up to $100,000.
If you want to cover your dwelling and property for more than the NFIP's maximum limits, you may be eligible to purchase additional coverage known as an excess flood insurance policy.
WA Flood Insurance Quotes
Request a Washington Flood Insurance quote in Auburn, Bainbridge Island, Bellevue, Bellingham, Bothell, Bremerton, Burien, Camas, Des Moines, Edmonds, Everett, Federal Way, Issaquah, Kenmore, Kennewick, Kent, Kirkland, Lacey, Lake Stevens, Lakewood, Longview, Lynnwood, Maple Valley, Marysville, Mercer Island, Moses Lake, Mount Vernon, Mountlake Terrace, Mukilteo, Oak Harbor, Olympia, Pasco, Port Angeles, Pullman, Puyallup, Redmond, Renton, Richland, Sammamish, SeaTac, Seattle, Shoreline, Spokane Valley, Spokane, Tacoma, Tukwila, University Place, Vancouver, Walla Walla, Wenatchee, Yakima and all other cities in WA.
Washington Insurance Rules & Regulations
In Washington State, there are certain types of insurance that you should be aware of. We will be covering the limits and regulations of insurance within the state. You should be aware of these because if you operate a business, there may be certain types of insurance that you are required to carry. In addition, even if you do not have a business, there may be certain types of insurance regulations that you should familiarize yourself with. We will be taking a close look at insurance regulations for both personal and commercial here.
WA Commercial Insurance
For business liability insurance, what you should be aware of is that Washington does not require businesses to carry business liability insurance in order to operate. Washington is a pure comparative fault state which means that an insurance adjuster must first assess fault and name the adjuster or a court will reduce the award proportionate to the fault of the plaintiff. Businesses may carry business liability insurance in order to protect themselves against these types of claims.
However, Washington does require anyone who employs at least one person full-time or part-time to carry Worker's Compensation insurance to protect them if they are injured on the job. Washington does not require any type of disability insurance for businesses nor do they require commercial vehicles to carry commercial auto insurance.
Washington Personal Insurance
There are two types of personal insurance that you should be aware of. The first is auto insurance requirements. In Washington State, you are required to carry $25,000 per person and $50,000 per accident in bodily injury coverage. You are also required to carry $10,000 in property damage as well as uninsured/underinsured bodily coverage of $25,000 per person and $50,000 per accident.
There are two life insurance regulations to be aware of in Washington State. First, be aware that there is no free look period like there is in most states. If you sign up for life insurance, you are not able to cancel within 10 days in order to get a refund on your policy premium. However, there is a law that requires timely payment on insurance claims in the state of Washington. In fact, the state requires that the beneficiaries account start accruing interest on the day of death. That means that insurance companies will have to pay more for each day that they fail to pay the benefit. There is also a misrepresentation law when it comes to life insurance in Washington.
If you are looking for state specific flood insurance quotes, costs and information: California Flood Insurance, Colorado Flood Insurance, Delaware Flood Insurance, Florida Flood Insurance, Illinois Flood Insurance, Kentucky Flood Insurance, New Jersey Flood Insurance, New York Flood Insurance, Oregon Flood Insurance, Pennsylvania Flood Insurance, Texas Flood Insurance, Washigton Flood Insurance.
More Information on Flood Insurance
Floods can happen suddenly and can do tremendous amounts of damage. Following is some more useful information about flood insurance polices: