We live in one of the wettest states in the country and it is important to protect your home in Seattle, WA with a flood insurance policy from Secord Insurance Agency. Since standard home insurance doesn’t cover flooding, it’s important to have protection from floods associated with hurricanes, tropical storms, heavy rains, snow melt and other conditions that impact Washington State and others.
In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding. Find out more about the NFIP and how it can help you protect yourself.
Flood Insurance Coverage
For those of us that reside in Seattle, WA, Flood insurance protects two types of insurable property: building and contents. The first covers your building, the latter covers your possessions; neither covers the land they occupy.
Building coverage includes
- The insured building and its foundation
- The electrical and plumbing system
- Central air conditioning equipment, furnaces, and water heaters
- Refrigerators, cooking stoves, and built-in appliances such as dishwashers
- Permanently installed carpeting over unfinished flooring
Contents coverage includes
- Clothing, furniture, and electronic equipment
- Portable and window air conditioners
- Portable microwaves and dishwashers
- Carpeting that is not already included in property coverage
- Clothing washers and dryers
The two most common reimbursement methods for flood claims are: Replacement Cost Value (RCV) and Actual Cash Value (ACV). RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to within 80% of the buildings replacement cost.
All other buildings and personal property (i.e. contents) are valued at ACV, which is the RCV at the time of loss, minus physical depreciation. Personal property is always valued using ACV.
Content provided by FloodSmart.gov
Frequently Asked Questions about Flood Insurance
How much does flood insurance cost?
Flood insurance costs vary greatly depending on the location of your home and the likelihood that it could flood. To see if you’re located in a flood zone, you can use the FEMA Map Service
How do I tell what my flood zone is?
A call to our agency, we can quickly determine if your home is in a flood zone. You can also review the FEMA Flood Map and determine your risk.
What happens if I have flood damage and no flood insurance?
If your home floods and you do not have flood insurance, your options are limited to applying for grants and loans to help you pay for the cost of repairing and replacing your home and contents.