Flood Insurance Basics

The one-year anniversary of last year’s horrific floods is almost upon us. For many Coloradans, it was an experience that taught us that anything could happen. Everything from horrible property damage to extreme kindness and heroism from our neighbors and friends happened right before our eyes. It also made many of our customers more aware of the need for flood insurance. Before you go out and purchase a policy, we thought we would lay out the basics for you to consider.

 What Do You Need?

Where are several different types of insurance. These include dwelling insurance, which is for residential and other small properties; and general property insurance, which covers rental properties, small businesses, and larger homes. There are also special policies for larger companies and industrial businesses.
In addition, you should look into where you sit on the flood map. Many Coloradans qualify for preferred-risk policies, which have low premiums because you are not in a high-risk area. You may also qualify for these policies if your home has been built or retrofitted to be more resilient against floodwaters.


Understanding Your Coverage

Your coverage goes into effect 30 days after you purchase it. Thus, if it is not a good idea to buy a plan when the snow starts melting; instead, buy it before the runoff begins or the rainy season starts.

With any type of insurance or preventative measure, being proactive is key. There is no such thing as a dumb question. Asking your insurance agent to explain your coverage and the claims process is essential to keeping you, your property, and those you love safe in a time of crisis.

We hope you never need to call us for a flood damage claim, but just in case you do, our compassionate staff is here to help you clean up the water damage and get back to your life.