Colorado Flood Insurance
Colorado -the mile high state! If you have ever been to Colorado you’d think that it’s a mostly dry state without a lot of water – and that, for the most part is true. So you may be thinking, why would I ever need Colorado flood insurance? My home won’t flood in a dry state like this!
Well, that’s a dangerous mentality to have, as Colorado does flood – and when it does the results can be disastrous. Colorado, in fact, has a long list of catastrophic flooding events, which usually are the result of unusually heavy rain that overburdens the soil and turns normally calm rivers and streams into raging torrents. This website contains information on some of the most damaging and deadly floods in Colorado history – with both fascinating and terrifying information.
Most Deadly flood in Colorado History:
The Big Thompson Flood – July 31st 1976
- Damage – over $35.5 million
- Death toll – at least 139
This flash flood occured when over 14 inches of rain fell in a 4 hour period in the mountains of Rocky Mountain National Park, near the town of Estes Park. The Big Thompson river, normally a depth of 18 inches, turned into a 20 foot tall wall of water
To learn more about the Big Thompson Flood, read this archive from The Denver Post.
Most Costly Colorado Flood:
2013 Boulder County Floods
- 11,000 homes evacuated
- 1,750 people and 300 pets required air and ground rescue
- 19,000 homes damaged, 1,500 homes completely destroyed
- over $2 Billion dollars in damage
- 8 deaths
- Learn more about the 2013 Colorado Floods on Wikipedia
The real tragedy of these massive flooding events is that the vast majority of victims, thinking they were safe, did not carry flood insurance. That’s why Colorado flood insurance is important – over 30% of flood claims occur in “low risk” flood zones – and the real truth of the matter is that every property is in a flood zone. While many don’t want to pay the premium to obtain flood insurance, the consequences of being without and getting flooded can be financially ruining to many.
According to a CNN report, the number of people in Colorado that were insured for flooding was very low.
Flood damage is not covered by private insurers. Instead, it is covered by the National Flood Insurance Program (NFIP), part of the Federal Emergency Management Agency. But Tom Larsen, senior vice president of of Eqecat, said that because very many of the homes damaged by the flooding are not in flood plains, the number of people with flood coverage is very low.
“NFIP is usually only taken when it’s mandatory by a mortgage lender,” he said. “In coastal areas, which are susceptible to hurricanes, there’s a high concentration. That’s why the payout from those storms is so much greater. But the percentage of insurance in this one is going to be a very low number.”
Mike Barry, spokesman for the Insurance Information Institute, agrees with Larsen’s estimate about how few homeowners and businesses affected by the disaster are covered by flood insurance. And he said local governments generally do not have coverage either.
-Source – Colorado floods: Costly and often uninsured, Chris Isidore, @CNNMoney
Get a Quote for Colorado Flood Insurance
Flood Insurance is available both from the Federal Government (NFIP) or from private carriers, like Save Flood Insurance Agency Inc. Because we are selective with our underwriting, we are able to provide flood insurance for less premium. Fill out the form below to inquire about getting a Colorado Flood Insurance quote.