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Flood Insurance

yellow caution wet road sign on gray concrete roadNEWSFLASH – Colorado Does Experience Flood Events, and It’s Not Covered by Homeowner Insurance

Flood Insurance Available for Front Range Communities of Denver, Golden, Littleton, Morrison, Arvada, Westminster, Boulder

Many residents think Colorado is not a flood-prone state. This is not true. In 2013 flooding inundated the state.  And there have been many past flood events in Colorado causing millions in dollars of damage homeowners and business’ along the front range . Here is proof:

Flash Floods in Colorado 2013
National Weather Service – Floods in Colorado

Most people make the assumption that flood occurrences and the resulting damage to your home and belongings is covered by:
1. A standard home insurance policy or
2. A Government Agency

Flood Is Specifically Excluded from a Homeowners Insurance Policy

The Peril of Flood IS NOT Covered by Homeowner Insurance, in fact home policies specifically EXCLUDE Flood Events

Government Assistance After a Flood Event

There are several types of assistance to a Homeowner after a flood provided by State and Federal Government agencies

Flood Grants

Grants are monies provided to victims of a flood that don’t have to be repaid. Immediately after a flood, victims might likely receive small grants to provide immediate food and housing assistance. But in order to get home repairs paid for with a ‘grant’ you would have to prove financial hardship.

Flood Loans

As everyone knows, taking out a loan requires you to become indebted and the money has to be repaid.

In order to be fully covered and be able to repair your home and replace your belongings after a flood, you have to purchase a separate policy specifically designed to cover the peril of Flood.

Below are some important facts to know about Purchasing a Flood Insurance

  • You can purchase a flood policy through FEMA (Federal Emergency Management Agency) or a Private Insurance carrier, usually through insurance brokers or agencies. This program is called the National Flood Insurance Program (NFIP).
  • The NFIP provides ‘replacement’ coverage for the building (meaning to rebuild your home as it was before the flood).
  • The NFIP provides ‘ actual cash value’ coverage for your personal belongings, meaning ‘depreciated’ evaluation.
  • The maximum limit you can purchase to replace your home through FEMA is $250,000. Private carriers will insure for more.
  • You can purchase an ‘excess’ flood’ policy if you desire more coverage than $250,000 to repair your home.
  • You have to purchase a Flood Policy BEFORE the event occurs. Most policies require a 30 day waiting period after purchase before coverage will apply
  • The average cost of a flood insurance policy is only $930/year or $58/month as of 2020.

Denver West Insurance Brokers is a local insurance broker in Golden, CO. All our agents are licensed and can provide quotes for flood insurance through National Flood Insurance Program and private carriers. Make sure your home and possessions are insured for all types of perils, including a Flood event.

Give us a call today! 303-960-5290