A Homeowners Insurance policy DOES NOT protect against FLOOD! Only a Flood Insurance Policy can provide coverage for repairs to your home and replacement of your contents in the event of a FLOOD loss.
Floods are the most common and costly natural disaster. In fact, Colorado just experienced three separate floods that were characterized as “once every one hundred year” floods. In fact, roughly 25% of all flood claims come from homes or buildings that are in moderate to low risk areas.
A “flood” is defined as a general and temporary condition of partial or complete inundation of normally dry land areas from:
- The overflow of inland or tidal waters.
- The unusual and rapid accumulation or runoff of surface waters.
- Mudflows caused by flooding.
Floods can happen as a result of many different factors. They can happen from snow melt, heavy rains, erosion, inadequate drainage, and many more scenarios.
The damage from these floods can cause extensive damage. Not only is the foundation and structure of a home/building at risk, but so are all of the contents of that building or home
The National Flood Insurance Program is managed by FEMA. Rates are established by Flood Zone Maps for both Commercial and Residential properties.
Don’t wait until the threat of a storm causes concern. A standard Flood Insurance policy generally does not take effect until 30 days after the policy is written.