We are moving into flood season. The next six to eight months are prime times when flooding occurs in Denver and the rest of Colorado. If you live in a flood zone we recommend flood insurance , but did you know that even if you don’t live in a flood zone you may need flood insurance? According to Flood Smart, 20% of flood claims come from low risk areas.
Flood Insurance Facts
- Homes and businesses with mortgages from federally regulated or insured lenders in high-risk flood areas are required to have flood insurance.
- Deductibles apply separately to buildings and contents.
- Your standard homeowners insurance excludes floods.
- You need to buy flood insurance through a licensed agent.
- Flood insurance does not cover trees, landscaping or fences.
- Coverage is limited in basements regardless of zone or date of construction.
Flood Insurance Myths
- “Once a flood occurs I can get coverage”.
Normally, there is a 30-day waiting period for coverage.
- “I don’t live next to water, so I do not need flood insurance”.
You may live miles away from water and still have a flood risk. Anyone can buy flood insurance as long as your community participates in NFIP.
- “Sewer back up is considered a flood”.
Sewer backup is not defined as a flood.
- “You can’t buy flood insurance if your property was flooded before”.
People are eligible to buy flood insurance after a flood, as long as the community participates in NFIP.
When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not federally declared. Flood insurance means you’ll be reimbursed for all your covered losses, and unlike Federal aid, it never has to be repaid.
In general, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it’s already too late. You will not be insured if you buy a policy a few days before a flood.
Here at DCInsurers – Mountain, we are dedicated to making sure that you have the proper insurance coverage right when you need it. Our experienced brokers know Denver well, which means we also know which options you need when it comes to choosing your personal insurance.
Call our professional staff today for more information. Don’t wait until you’re knee deep in water!