Get Colorado flood insurance quotes, cost & coverage fast with the National Flood Insurance Program (NFIP). Keep your CO home and property protected from flood damage.
CO Flood Insurance
When it comes to Colorado flood insurance and your condo, renters and homeowners insurance there are some important points to keep in mind.
A common question is, "I already have CO homeowners, renters or condo insurance - am I already covered?" The simple answer No. It is important to be aware that a standard homeowners, condo or renters policy does not cover damages resulting from a flood.
Homeowners, condo and renters insurance typically cover dwelling damage that comes from the top down; like as rain and wind damage, or originates inside like fire or burst pipes - but it doesn't cover rising water and flooding. This is why you might want to consider purchasing a Colorado flood insurance policy.
There may be a waiting period for your CO flood policy to take effect. For example, there is a 30-day waiting period for National Flood Insurance Program (NFIP) flood insurance policies to become effective. This is why you can't wait until you see a big storm on the weather channel, or wait until hurricane season to buy flood insurance for you home, apartment or condo.
Next, a "flood" is generally defined as "a temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
- overflow of inland or tidal waters, or...
- unusual and rapid accumulation or runoff of surface waters from any source, or...
- mudflow or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves, or...
- currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
Do You Need Flood Insurance?
Now, in case you think that Colorado flood insurance is only for homes that are on or near the water, that's not necessarily the case. For example, even if you live several miles away from water flood waters can still reach your home, as happened during hurricane Sandy. In fact, nearly 25% of flood insurance claims are paid on policies in low-to-moderate-risk areas.
What's more, it's not always a major body of water, or even a major storm, that causes a flood. Things like a broken sewer line to a slow moving rainstorm can cause flooding. Furthermore, experts say your home has a 26% chance of being damaged by a flood over the life of a 30-year mortgage.
Your mortgage company may require you to get CO flood insurance if you live in a high-risk area, and this extra expense often surprises home buyers.
If you own a CO business, you can learn about Colorado commercial flood insurance.
How Much Does Colorado Flood Insurance Cost?
How much does Colorado flood insurance cost? This is the question most on people's mind when they are shopping for a flood policy. Because flood insurance is not a one size fits all, and there are many factors that are taken into consideration in your premiums - the easiest way to get flood insurance rates is to contact an agent to discuss your situation. Then you can get an accurate flood insurance quote to see the cost.
Below are some of the main factors that make up the cost of Colorado flood insurancee for your apartment, condo or home:
- Your CO property's flood risk - what flood zone you are in. More risk = higher premiums, less risk = lower premiums.
- How much coverage you need. More coverage = higher premiums, less coverage = lower premiums.
You can also look up your flood zone at: FEMA Flood Map Service Center: Search By Address.
How Can I Buy Colorado Flood Insurance?
Although flood insurance has only been available to homeowners or renters through the NFIP, it is now available through private insurers, including surplus lines insurers. This means more options when you are shopping for flood insurance.
When buying flood insurance, it is important to consider the kind of coverage you need. There are limits to these policies - the highest amount your policy will pay for a covered loss. If you have damage or losses over the amount of your policy limit, you are responsible for those costs.
Insurance companies write different types of flood insurance policies including dwelling - the structure of your home - up to $250,000, and its contents - your personal property within the dwelling - up to $100,000.
If you want to cover your dwelling and property for more than the NFIP's maximum limits, you may be eligible to purchase additional coverage known as an excess flood insurance policy.
CO Flood Insurance Quotes
Request a Colorado Flood Insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other cities in CO.
Colorado Insurance Regulations & Limits
When it comes to insurance regulations in Colorado, there are a few things that you want to be aware of. Let's take a look at the laws and rules surrounding insurance in CO.
Colorado Commercial Insurance
The most common type of business insurance is liability insurance. Commercial liability insurance is required to cover things like property damage, bodily injury, personal injury, advertising injury and legal defense and judgments. Colorado is a fault state, and businesses are not required to carry liability insurance in order to operate. There is a cap on damages that are not economic set at $468,010 with a higher limit set at $936,030 for non-economic damages in which it can be proven that the original damage amount is too low. However, these cases are rare.
Punitive damages in exemplary damages are almost unheard of in Colorado, but there is no limit on economic damages. The statute of limitations to file against types of damages is two years - or three years if the damages were sustained in a vehicle. Most experts recommend the businesses carry anywhere from $500,000 to $1 million in general liability coverage.
The only other requirements for businesses that you need to be aware of is the requirement for any business that hires hourly or wage employees to carry Worker's Compensation insurance and for those same companies to have minimum insurance coverage on their vehicles which for a vehicle used for business purposes means that you will have to purchase a commercial auto insurance policy.
CO Personal Insurance
The most common type of personal insurance is the one that everyone is required to have - auto insurance. The law requires that you have at least $25,000 per person and at least $50,000 per accident in liability insurance; as well as an additional $15,000 for property damage. These are the main regulations covering auto insurance in Colorado and they are very similar to the regulations found in most of the other states.
The only additional regulation that you need to be aware of when it comes to personal insurance has to do with life insurance. If you have life insurance, your insurance provider is required to give you a one month grace period before they can cancel your policy due to nonpayment. This protects consumers against having policies canceled due to having a late payment. This is the only regulation you should know when it comes to life insurance.
If you are looking for state specific flood insurance quotes, costs and information: California Flood Insurance, Colorado Flood Insurance, Delaware Flood Insurance, Florida Flood Insurance, Illinois Flood Insurance, Kentucky Flood Insurance, New Jersey Flood Insurance, New York Flood Insurance, Oregon Flood Insurance, Pennsylvania Flood Insurance, Texas Flood Insurance, Washigton Flood Insurance.
More Information on Flood Insurance
Floods can happen suddenly and can do tremendous amounts of damage. Following is some more useful information about flood insurance polices: