Leavenworth Flood Insurance
I received two helpful emails in my inbox today about Leavenworth flood insurance.
Darel Ansley at People’s Bank in Wenatchee writes:
If you are involved in any purchases requiring flood insurance, there are currently no policies being issued, and these transactions cannot close without flood insurance.
As you may have heard, the National Flood Insurance Program’s authorization from Congress expired March 28, which means they cannot issue any new flood insurance policies until their authorization is restored sometime after Congress returns to work. They have a hearing scheduled for April 21st , and sometime after that will be able to vote on re-storing flood insurance. (I guess Congress was too busy with another issue the last few months so they didn’t get to this one before their recess). Your client can get a flood insurance quote, but closing will be delayed until NFIP gets their approval from Congress and can then start issuing coverage.
Luckily, Erik Kossian of Leavenworth Insurance followed up with his own update.
Flood Insurance: If you are involved in any purchases requiring flood insurance, there are currently no National Flood Policies being issued, but some insurance companies still are writing their own flood insurance.
As you may have heard, the National Flood Insurance Program’s authorization from Congress expired March 28, which means they cannot issue any new flood insurance policies until their authorization is restored sometime after Congress returns to work. They have a hearing scheduled for April 21st , and sometime after that will be able to vote on re-storing flood insurance
However, we may be able to help!
I have flood available for many but not all flood zones through regular insurance companies (not insured by the federal national flood program.)
My policy covers residential dwellings for the perils of earthquake, landslide, and flood, all in one policy. The highest limit available is $12.5 million.
Here are the Coverage Details:
• Coverage includes the following limits as a percentage of the dwelling value:
Other Structures 10% (may be increased)
Personal Property 20% (may be increased)
Additional Living Expense or Loss of Rents 10% (may be increased)
• Replacement Cost on both dwelling and contents
• Deductibles are based on a percentage of the highest coverage limit: 5%, 10%, or 20%
(i.e. if the highest coverage is the Dwelling at $250,000, a 5% deductible would equal $12,500)
• 80% Co-Insurance
• 4% Inflation Guard
Optional Coverages:
• Since “Other Structures” does NOT include docks, bulkheads, piers and retaining walls, coverage may be available via endorsement; submit to your underwriter with details: limit, construction material, and exposure
• Earthquake or other peril may be excluded to avoid duplicate coverage
Other Notes:
• Any type of construction
• Dwelling does not have to be retrofitted
• No age restrictions
• Condo Owner coverage available
• Coverage is not available in all Flood Zones, especially high risk of flood.
• Underwriting is conducted on a per location basis; no use of generic maps
• Cannot be vacant for more than 90 consecutive days
• Low minimum premiums
• 24-hour in-house quoting turn around
• Financing, Direct Bill, and Mortgage Bill are available
