How Much Is Flood Insurance in Washington? Average Flood Insurance Cost and Coverage

Learning how much flood insurance costs in Washington helps you make a well-informed decision. Flood insurance rates in Washington are dependent on which county you live in and the risk factors that the area has. These factors include but are not limited to ground elevation, construction type, building age and more.

Generally, your renters or homeowners insurance policies don’t cover damages from natural flooding. However, it’s crucial to get flood coverage, as the Federal Emergency Management Agency (FEMA) says that an inch of water could cost up to $25,000 in damages.

TABLE OF CONTENTS

• Cost of Flood Insurance in Washington
• Flood Insurance Companies in Washington
• Flood Insurance Coverage
• Flood Insurance Cost Factors in Washington
• Do You Need Flood Insurance?
• Washington Flood Insurance FAQs

The annual average flood insurance cost in Washington is $984. Your residential area and individual property risks affect the rate of your insurance premiums. Insurance companies may charge you more if you live in a high-risk flood area.

Washington residents pay an average of $217 more than the national average cost for flood insurance per year because Washington may have more high-risk flood areas than other states.

MoneyGeek found that Adams County in Washington has the cheapest average flood insurance cost per year at $636. However, the most expensive flood insurance cost in Washington is an average of $1,735 per year in Whitman County.

The table below shows how much flood insurance costs in Washington.

Washingtonians who want flood insurance may reach out to private insurance companies or the NFIP. Private providers offer standard policies similar to an NFIP policy. However, these private insurers also provide an excess policy that provides coverage beyond what you’ll find in your standard NFIP policy.

Opting for a private insurance provider may be best for households outside an NFIP community or those that require more coverage than the NFIP provides.

The NFIP works with different insurance companies in Washington to provide homeowners with flood coverage. MoneyGeek created a list of NFIP-participating insurance providers and their contact details.

Now that you know how much flood insurance costs in Washington, it’s time to know the requirements and how to get a policy.

Fortunately, there are no special requirements, so you can easily buy flood insurance in Washington. Contact the NFIP at 877-336-2627 or your home insurance provider to start your application.

Note that the NFIP has a 30-day waiting period. MoneyGeek suggests you get your flood insurance policy as soon as possible. You can reach out to private insurance companies, but these will also have at least a 10-day waiting period.

Nevertheless, it’s best to confirm with your agent.

Flood insurance covers your home and belongings from damages due to natural flooding. Remember, the average damage cost for just an inch of water is $25,000.

Generally, flood insurance also protects your belongings aside from structural damage. However, it doesn’t cover vehicle flooding, basement storage, landscaping or documents.

This part of your coverage protects you from unexpected costs from various physical damages to your home’s structure.

It also covers:

• Built-in furniture
• Permanent carpets
• Built-in appliances
• Furnaces
• Plumbing systems
• Electrical systems
• Foundation walls

Getting an NFIP policy can protect these elements of your home with up to $250,000 worth of coverage.

In addition to the built-in features in your property, flood insurance also covers personal belongings through the portion of the policy known as contents coverage.

Some of those items include:

• Furniture
• Sculptures
• Paintings
• Electronic equipment
• Washers and dryers
• Clothes.

An NFIP policy provides up to $100,000 worth of contents coverage.

Insurance companies mainly used the individual’s location (up until September 2021) to compute the cost of flood insurance, and it’s still a crucial factor. Today, FEMA lets people check the historical flood risk of U.S. counties for each state through interactive maps.

Since 1996, Skamania County has had the fewest flood events, with just two of them, while Okanogan County has the most flood occurrences at 52. The average cost of flood insurance in these counties is $772 and $974, respectively. Okanogan County does not have the state’s highest flood insurance costs, although this is likely due to the fact that this is an exceptionally large county where flooding events are quite spread out.

FEMA introduced Risk Rating 2.0 in October 2021. It evaluates individual property risks, like elevation, frequency of flooding, proximity to bodies of water and more.

This rating system provides more information, so insurance providers can give more accurate quotes. In the Risk Rating 2.0 system, your premiums are affected by much more than just where you live. MoneyGeek compiled information about flood insurance cost factors in the table below.

Your renters and homeowners insurance typically don’t cover flood insurance, even though every building is vulnerable to damage from natural calamities like floods. Therefore, getting flood insurance is a wise choice. It protects you and your home even if you reside in a low-risk area.

Moreover, homeowners with mortgages who live in moderate- or high-risk flood areas must acquire flood insurance.

Private flood insurance offers various advantages. Insurers must pay claims if your building gets flooded, even without a presidential disaster announcement. Federal disaster assistance also helps property owners, but only up to a maximum of $5,000 per household. Flood insurance can provide much more coverage.

Flood insurance gives you peace of mind since it adds another layer of security and protection to your home. Plus, it also protects your belongings.

Finding out how to estimate flood insurance costs may be overwhelming. MoneyGeek answered these frequently asked questions to help you improve your understanding of flood insurance in Washington.