Flood Awareness Week: How to purchase flood insurance
Note: October 7–12 is Flood Awareness Week in Washington state. Follow our friends at the Department of Ecology and the Washington Emergency Management Division to learn more about floods in our state.
There are more than 1.7 million homes in Washington state that sit in a flood zone — yet only about 44,000 of those are covered by a flood insurance policy.
With climate change consistently increasing the odds of high-water events, it’s becoming more and more important to protect your home in the event of a flood. Floods are the most costly natural disaster in Washington state.
Homeowner and commercial insurance policies typically don’t cover flood damage, generally defined as damage caused by an excess of water on land that is normally dry.
If you live in a flood zone, the fall season is a good time to consider flood insurance. (Check out these flood maps to find out if your home is in a flood zone.)
Where to purchase flood insurance
Private company: More than 50 companies offered private flood insurance in Washington last year.
The National Flood Insurance Program: Managed by FEMA, the NFIP works with communities that adopt and enforce floodplain management regulations to help mitigate flooding effects. The NFIP maintains a list of providers it works with in each state to offer flood insurance. Federal plans made up about 70 percent of the flood insurance written in Washington in 2023.
Which communities in Washington are in the NFIP’s Community Status Book (and eligible for coverage)? Find out here.
Private vs. NFIP: What’s the difference?
Private flood insurance is, generally, more flexible, with more policy limits and availability in more locations.
Coverage limits
- Federal flood policies only cover up to $250,000 damage on most residences (and $500,000 on non-residential buildings). Contents coverage is limited to $100,000 on residences and $500,000 for non-residential buildings.
- Private policies don’t have restrictions. Coverage limits can be set based on the structure and the policy.
Type of recovery
- Federal policies only let you recover the “actual cash value” of the total replacement cost of the damage, which can be 50% of the true replacement costs. To be eligible for the replacement costs, the building must be a single-family dwelling and the principle resident, and coverage must be at least 80% of the full replacement cost of the building.
- Private flood policies can be sold to cover the damage at replacement cost.
Code upgrade coverage
Private flood policies may offer protection for increased cost of construction due to code compliance. Federal policies do not.
Loss of use coverage
Private flood policies may cover the loss of use of the structure. Federal policies do not.
Additional points
- Federal policies come with a renewal guarantee, while private plans do not.
- Both options are accepted by mortgage lenders.
- Federal policies require elevation certification, while private policies may not.
- Federal policies have a 30-day waiting period, while private policies may begin coverage in as little as 15 days.
Lower your premiums
If you’ve already got flood insurance, the NFIP has a handful of tips to lower your premium:
- Lower your flood risk. Elevate your utilities, install flood openings, fill in basements, or elevate your property.
- Choose a higher deductible. You will need to cover more of the cost to rebuild, but your premium will be lower.
- Provide an elevation certificate. Knowing your building’s elevation compared to the estimated height of floodwater helps determine your flood risk.
- Encourage your community to mitigate risk. Every foot your home sits above your community’s base flood elevation lowers your premiums.
You can learn more about filing a claim, and filing for disaster assistance with FEMA, on our flood insurance FAQs page.
