Several significant floods have occurred in Colorado’s history, which the state is still recovering from. That risk is still present, and homeowners need to be insured for it.
In fact, there are more than 130,000 properties at substantial risk of flooding in Colorado, according to a recent report by the First Street Foundation. According to the report, the cities with the highest risk include Colorado Springs, Denver, Fort Collins, Aurora, and Longmont.
What is considered a flood?
According to the National Flood Insurance Program, a flood is defined as: When water or mudflow rapidly overcomes normally dry land on two or more properties — one of which is your property — totaling two acres. Once water that touches the ground enters your home, it is considered a flood, and only flood insurance will cover the cost of any of the damage done to your home and possessions.
To protect yourself and your home, you will need to have flood insurance — and this is true whether or not you are in a flood zone as defined by the U.S. Federal Emergency Management Association (FEMA).
That’s because the chance of flooding isn’t just for those individuals who live in a designated flood zone. In fact, according to FEMA, more than 20% of flood claims come from areas outside of high-risk designated flood areas.
How much will flood insurance cost?
Several factors will contribute to the cost of your flood insurance in Colorado. Some of these factors include the risk of flooding for your home, the value of your home, and the amount of your deductible for your home.
Do you need flood insurance in Colorado?
Are you looking for flood insurance to help protect your home from the potential damage water can do? Our team at Right Way Insurance Solutions will help identify the policy that will best protect your family. Contact our office to get started with a quote.