Washington Residents Failing to Purchase Flood Insurance

Most people assume that every home insurance policy includes coverage for flood repairs.  The truth is flood insurance is only available through a federal program.   Now some Washington state officials are concerned because so many residents have failed to purchase this protection  as part of their Washington home insurance coverage.

Last winter’s storm were particularly harsh, causing a tremendous amount of damage.  Nevertheless, under 40,000 homeowners or businesses in the most devastated counties have purchased a flood insurance policy.

Adding Flood Insurance to a Washington Home Insurance Policy

Washington Insurance Commission Mike Kridler is especially concerned.  “There is a 30-day waiting period until coverage starts,” he noted, “so waiting until storms hit could leave property unprotected.”

Standard home insurance policies cover things like fire, theft, wind and hail damage, and even aircraft falling from the sky, but not flooding or damage caused by sewer backups.  Even All Perils coverage, which covers just about everything, doesn’t pay to repair flood damage.

Just because a home is located in a low-risk area doesn’t mean owners don’t need to purchase this coverage.  December’s storms caused the greatest damage in areas traditionally considered almost immune from flooding.  Last winter also proved a reminder that flooding is a year round danger, not just a spring-thaw occurrence.

Flood insurance premiums are based on the likely risk of flooding in an area, and usually are quite reasonable.  Though the risk may seem remote, after last year’s disaster it seems like spending a few dollars on flood insurance is a much better deal for Washington homeowners than having to pay everything if their home is destroyed by a flood.