Do You Need Flood Insurance?
Flood Insurance is Often a Must-Have
Floods are the number one natural disaster in the US, and property damage caused by floods is not covered by general homeowners insurance. Many homeowners don’t realize that flooding isn’t covered by their policy until they try to file a claim. Of course, by then it’s too late to mitigate their losses.
If you live in a high-risk area for flooding, your lender or the law likely mandates that you purchase a separate flood policy in the terms of your mortgage. And it’s important to note that a fourth of flood insurance claims come from areas deemed at low risk for flooding.
A fourth of flood insurance claims come from areas deemed at low risk for flooding.
Colorado is no stranger to flooding. In September of 2013, heavy rains in 24 counties led to flooding that killed ten people and caused over $4 billion in property damage. Over 18,000 residents were displaced. 1,800 homes and 200 businesses were destroyed. Ultimately, the flood affected over 4,500 square miles of Colorado’s front range.
In this state, flash floods happen frequently as a result of excess rainfall, a dam break, or an ice jam. River floods can be triggered by fast snowmelt and/or heavy rain. And areas where wildfires occur are particularly prone to flooding for several years following the fire. This is because the land is damaged to the point where it is unable to absorb water and no longer has as much vegetation to reduce run-off.
Colorado often experiences prolonged drought, which means that when rain finally comes, the ground may be too hard to absorb the water. Instead, the water may run off into a river, filling it quickly and causing it to overflow its banks.
Mountains and rugged terrain can also make an area more prone to flooding. Rather than continuing to move, certain landscape features can create atmospheric “dead spots,” which cause thunderstorms to stay stationary and continually dump water in one location—sometimes with disastrous results.
How Does Flood Insurance Work?
The National Flood Insurance Program is administered by FEMA (Federal Emergency Management Administration), which subsidizes flood insurance purchased through local insurance agents like Colorado Farm Bureau Insurance.
Purchase Flood Insurance Today
You can purchase flood insurance at any time, even during active flooding. Just know that it usually takes 30 days for the policy to become effective.
Flood insurance is available to renters as well as homeowners, and you may be able to purchase insurance even if your home has flooded in the past.
If you live in an area that frequently floods, you can still qualify for flood insurance. Our agents can help you find the perfect policy for your situation — find an agent near you today.