(800) 253-1482Affordable Flood Insurance in Colorado
The state of Colorado is the highest state in terms of average elevation. There is no threat of an ocean or sea sending a storm surge to destroy homes in this landlocked region, but the threat of flooding is still ever present. This is why flood insurance in Colorado is arguably the most underrated form of coverage available.
Flooding can come from many different weather events and if your home is near a body of water such as a lake, or the Rio Grande or Colorado Rivers, the threat to your home is only further amplified.
Many homeowners are ill-prepared for flood damage and if you think that your home insurance coverage is enough, you’re sadly mistaken. As many as 25% of all flood indamage claims come from homes outside of high-risk areas and many homeowners rely on homeowners insurance to protect them when this peril will not be covered.
If you don’t have coverage, explore the flood insurance rates in Colorado and get a quote today. Below, you can learn more about the risks you can protect again, how your premiums are decided, and Freedom Insurance Group continues to help our clients stay covered for less.
How Much Is Flood Insurance in Colorado?
The average cost of flood insurance in Colorado varies depending on many factors but can reach $700-$1,000+ per year when you enroll in coverage from the National Flood Insurance Program (NFIP). A program run by FEMA.
Several factors go into creating how much you will pay for coverage but the higher risk there is for your home to flood, among other things, the higher your premiums will be. Keep in mind, the opposite is also true. Homes with less risk of flooding enjoy cheaper premiums on average.
To better understand what goes into creating your premiums, here are some of the most common factors that affect your flood insurance rates in Colorado:
- The location of your home including its proximity to water and its flood zone.
- Your home’s age.
- The types of building materials your home is constructed with.
- The amount of coverage you need to protect against flooding.
- The amount you choose for your policy’s deductible.
Flood insurance in Colorado is a bit different than other coverages as well. The Colorado Division of Insurance doesn’t regulate flood insurance because coverage comes from the federal government, but private insurance carriers can also offer such coverage.
Comparing policies among private insurance companies and offerings through the NFIP are great ways to see how much you’ll need to pay to protect your home. This is because while everyone is weighing and evaluating the factors above, each will do so according to its own metrics.
This means that while you may see one price for flood insurance for Colorado homes with FEMA, you may find a cheaper rate through a private insurance carrier. Even still, shopping among different companies can help you save because each brand will judge these factors differently, creating varying costs for your premium.
Flood Insurance Factors and Rising Rates in CO
As weather patterns change are causing problems for Colorado. The cruel irony is that wildfires are causing more flooding threats to homeowners as there isn’t vegetation left after such harsh weather events.
Additionally, while CO isn’t growing at the most alarming rate, the population is still rising. This means the need for more infrastructure, housing, improvements, etc. But that also means that there is more concrete and overall changes to the natural landscape.
The increased threat of potential flooding isn’t the only issue, however, as there are also rising costs for labor and materials necessary for rebuilding homes. If it costs more to restore losses, policyholders will end up with higher premiums and that’s exactly what’s happening with flood insurance rates in Colorado.
While it may feel like a lot of negative things are going on surrounding flood coverage, homeowners still have plenty of coverage options available. By working with a licensed flood insurance agent and comparing your coverage, you can find the right protections for your home and save money at the same time.
How Flood Insurance in Colorado Covers Your Home
Flood insurance in Colorado is there to help you restore losses to your home and personal property stemming from flood events. This includes flooding caused by heavy rainfall, failed levees or dam systems, and overflowing bodies of water.
Your home insurance policy will help you protect against many different perils but flood damage isn’t one of them. Yes, you can make a claim for sudden and accidental water damage, but flooding won’t be covered.
When you enroll in a flood insurance policy, you gain peace of mind and a financial safety net to help you restore losses should the unimaginable affect your place of refuge. Considering flood damage is some of the most expensive damage a homeowner can face, these policies can be great for saving money after succumbing to a flood.
Policies protect in different ways. The NFIP provides Building Coverage to protect the structure of your home whereas Contents Coverage focuses more on what’s inside your home. But there are also private flood insurance policies available.
Using a private carrier allows homeowners a more custom approach to their protection. You can also shop around to make sure you’re getting the best rate when you compare your flood policy with private companies. Either way, combined with your home insurance, they create a powerful form of protection for your finances, home, and belongings.
Flood Insurance Rate Map in Colorado
The flood map of Colorado that 9% of all properties in The Centennial State have more than a 26% chance of suffering severely at the hands of flooding. Geography might change the way Coloradans experience flooding, but it doesn’t mean residents are out of the woods.
There are areas such as Boulder, CO that face a higher threat but the fact remains that with shifting trends in weather and economic developments, all homes are at risk.
Because your home insurance won’t protect you against flood damage, it’s important to view where your home stands on the flood map and plan accordingly. Of course, the best protection available is flood coverage, but you’ll also want to prepare in other ways:
- Having an emergency kit for your home.
- Knowing the necessary emergency services and refuges in your city.
- Organizing a plan for your household and practicing the safest practices.
- Constructing a financial plan to overcome such losses.
- Preparing for the future. Drought conditions are plaguing the West right now, but an increase in rainfall is expected throughout Colorado over the next several decades.
Floods in Colorado have caused billions of dollars in damage over the years, including the Front Range Flood of 2013, the Fort Collins Flood in 1997, the Big Thompson Canyon Flood in 1976, Denver/South Platte Flood of 1965, and the Arkansas River at Pueblo June 1921. No matter where your home is, it’s important to have the right coverage in place.
Many homeowners simply enroll with the offering provided by the NFIP from FEMA, but if you want to make sure you’re getting the best coverage and the best price, you must compare your coverage among private insurance companies too.
Freedom Insurance Group has been helping homeowners shop, compare, and save on flood coverage since 2005 because we understand the importance of protecting against flood damage. Our team also knows how to ensure you get the coverage you deserve without overspending.
We work with many top-rated insurance carriers. Here’s why that matters:
- Rather than working for a singular brand, our job is to educate clients and identify the best coverage for their needs and their bank accounts. We focus on protecting you for less not upselling.
- Being insured by just anyone won’t cut it. Homeowners need to ensure that their coverage is there when they need it, which is why we only work with top-rated carriers.
- More carriers to choose from means more coverage options, discounts, and a better scope of your options on the market. This is how we continue to save our clients money year after year.
If you are a homeowner or even a renter, your home insurance or renters policy won’t cover you in the event of a flood. Contact our agents today for a free, accurate quote of flood insurance in Colorado.
