Floods can develop slowly or swiftly, carrying treacherous water, rocks, mud and debris. Anything in a flood’s path can be quickly destroyed, including homes and properties. Each year, Colorado experiences flash flooding. These floods are caused by heavy or excessive rainfall in a short period of time. Some years, Colorado’s flooding is mild while other years, the flooding is devastating.
Flood insurance can protect you and your home in the event of a flood. A typical homeowners insurance policy doesn’t cover flood-related damages. You need to purchase a separate policy that protects against property loss from flooding. Typically, flood insurance also includes coverage for the following:
· Electrical and plumbing systems
· Furnace, water heater and central air conditioning systems
· Flood debris cleanup
· Structural damage
At JJ Insurance, you can get more information on flood insurance. If you already have a policy, one of our agents can review it to see if any adjustments should be made to your coverage so you have enough protection.
What Flood Insurance Is Available?
Insurers often use topographical maps to determine areas that are prone to flooding. As a result, property owners and renters in these areas may be able to obtain flood insurance through the Federal Emergency Management Agency (FEMA) National Flood Insurance Program (NFIP). Flood insurance through the NFIP will reimburse you for all covered losses. We can help you determine if your location qualifies for FEMA flood insurance or if you need to purchase independent flood insurance.
If the U.S. president formally declares your area a federal disaster, federal disaster assistance may be available. Keep in mind, however, that disaster assistance is often a loan that homeowners must repay—with interest.
What Does Flood Insurance Cost?
If you live in a particular hazard area and have a federally backed mortgage, the NFIP requires that you have flood insurance. The price of your insurance premium will vary depending on your property and its location.
When Does Flood Insurance Provide Protection?
Flood insurance usually doesn’t take effect until 30 days after you purchase it. However, if your lender requires that you have flood insurance to make, increase, extend or renew your loan, then there’s no waiting period.
How We Can Help
JJ Insurance can help you get more information on flood insurance, including premium costs, levels of coverage and the flood risk for your area. Call us today at 303-871-8880 to get started.