Flood Insurance Information
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 . 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 a standard home insurance policy or the government will provide financial assistance when a disaster like a serious flooding event occurs in your town. This is not true. Your home policy specifically EXCLUDES Flood Events and any government assistance you receive after a flood...HAS TO BE REPAID. In order to be fully covered and be able to repair your home 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 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 $700/year or $58/month as of 2017.
At Denver West Insurance Brokers in Golden, CO, all our agents are licensed and can provide quotes for flood insurance through NFIP and private carriers. We are happy to assist in making sure your home and possessions are insured for all types of perils, including a Flood event. Give us a call today! We've been licensed in the state of Colorado since 203 and serve the communities of Denver, Lakewood, Wheat Ridge, Arvada, Littleton, Morrison, Evergreen and all of Colorado.