Are You ‘Covered’ in the Event of a Flood?
Did you know that your homeowners insurance probably doesn’t provide coverage in the event of a flood?
I don’t live by a lake or a river, so who cares… right?!
According to the National Flood Insurance Program (NFIP), one in every four flood claims come from properties that are not in a typical ‘flood zone.’ It is a common misconception that people think; “Since I’m not in a flood zone, I can’t or shouldn’t carry flood insurance.” In fact, quite the opposite is true. You can and protect yourself and your property, because if you don’t have flood insurance, you aren’t covered!
Across the Midwest, 2011 has already proven to be one of the worst years on record from damage caused by flooding. In the state of Colorado our danger has only just begun. We are in the peak of the spring runoff from snow melt. Combine that with a large storm coming through your area and your home may be quickly put at risk for flooding.
Erin May, director of the Region 8 NFIP office says that communities across the front range are facing potential 100yr flood levels. This includes towns like Boulder, Broomfield, Arvada, Golden, and other communities around the Denver Metro area.
But flood insurance is too expensive… Right?!
Lucky for you, flood insurance can be an incredibly cost-effective way to manage your risk with regards to flooding. If your house or business is located in a federally recognized flood community, then you are eligible for pricing that is subsidized by the government. If your property is in an area that is not considered a ‘flood zone’ then your rates are likely even less expensive.
If you don’t currently have flood insurance or haven’t ever spoken with your agent about it, please give us a call. We are glad to review your options and make sure you are properly protected.