--- title: Flood Insurance - What You Should Know --- # FLOOD INSURANCE - WHAT YOU SHOULD KNOW ## Flood Insurance - What You Should Know - Posted on Thursday, August 1, 2013 You’ve probably heard this horror story before – someone loses a home due to a flood and learns after the fact that standard [homeowners insurance](/homeowner-insurance) doesn’t cover flood damage. At Michael Wong Insurance we want you to be educated about all of the risks you may face in Washington – before a loss occurs – so you can determine what insurance coverage is appropriate. Because very few companies offer [flood insurance](/flood-insurance), the U.S. government created the National Flood Insurance Program (NFIP) in 1968. Available to [homeowners](/homeowner-insurance), [renters](/renters-insurance) and [business owners](/business-insurance), this insurance often is required to obtain a mortgage in areas at high risk of flooding. But you might want to look into a policy just for peace of mind, even if you don’t live in a traditionally flood-prone area. According to the NFIP, nearly 25 percent of the program’s claims occur in moderate- to low-risk areas. Check out the questions and answers below to help determine whether flood insurance is right for you. ### Is flood insurance available in my area? To participate in the NFIP, a community must adopt and enforce a floodplain management ordinance with rules regarding construction in certain flood-prone areas. In exchange, the government makes flood insurance available within that community. We’re happy to help you find out if you’re eligible for flood insurance. Just give us a call at 206-284-0171. You can also visit [www.fema.gov](http://www.fema.gov/). ### What does it cover? The NFIP provides coverage for both the structure and its contents. Coverage for contents is optional in some cases, so you may want to [give us a call](/contact) to discuss other coverage for your personal property. Keep in mind that you typically can’t purchase [flood insurance](/flood-insurance) and have it take effect the next day. There is usually a 30-day waiting period. (Exceptions to this rule apply, however, particularly when the insurance is required by a lender and is purchased during the process of securing a mortgage.) If you think you need flood insurance, don’t wait to buy a policy! ### What doesn’t it cover? Generally, government-issued flood insurance will **not** cover the following: - Buildings entirely over water or principally below ground - Gas and liquid storage tanks - Animals - Aircraft - Wharves, piers, bulkheads, growing crops, shrubbery - Land or roads - Machinery or equipment in the open - Most motor vehicles. ### How much does it cost? As with all insurance policies, the cost of [flood insurance](/flood-insurance) varies depending on your situation. If your home or business is in a high-risk area, such as a "special flood hazard area," your premium naturally will be higher than those in low- or moderate-risk zones. Premiums are based on how old the building is, how many floors it has, the location of its contents, your deductible and more. [Renters insurance](/renters-insurance) is typically less expensive, as renters generally insure their belongings and not the building. ### Where can I find more information? As always, we at Michael Wong Insurance are happy to help you determine your insurance needs. Stop by our office, email us at michael [at] michaelwonginsurance [dot] com, or [give us a call](/contact) at 206-284-0171. The [NFIP website](http://www.fema.gov/national-flood-insurance-program) has plenty of answers as well. ## Insurance Quotes Give us some info and we'll help you find the best coverage options. 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