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Insurance Advisors' Newsletter
   October 2013

A Refresher in Flood Insurance
By Insurance Advisors

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IA Team

With the massive storms and flooding that hit Colorado in September, it seems like a good time to remind people that home insurance policies do not include flood insurance.


Unfortunately, many folks in Northern Colorado learned that lesson the hard way. With damage to property already estimated at almost $2 billion and expected to climb, many insurance agents are having a hard time telling these homeowners, who have lost so much, that they aren’t covered.


The only way for homeowners to get flood insurance is through the National Flood Insurance Program, which is managed by the Federal Emergency Management Agency (FEMA) and available from most insurance agents. It is not included in regular home insurance policies.


For future reference, FEMA defines flooding as:  

  • A general and 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 the policyholder's property) from: 1) Overflow of inland or tidal waters, 2) Unusual and rapid accumulation or runoff of surface waters from any source, or 3) Mudflow.
  • 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.

Basically, that applies to water that comes from the sky or that has escaped its natural boundaries, runs across land and enters into a home.


For homeowners without flood insurance, about the only option for help is through a low interest rate loan from the Small Business Administration. To be eligible, they must first register with FEMA and get a disaster relief number.


The sad news is, they still have to make their mortgage payments on their homes – even if they don’t exist anymore.


After watching such a horrible disaster, Insurance Advisors suggests that homeowners talk to their insurance agent to see if they have adequate coverage. We can be reached at 720.210.9898.

The Hartford

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The Insurance Advisors
19751 E. Mainstreet, Suite 380
Parker, CO  80138


19751 E Mainstreet, Suite 380, Parker, CO 80138   |   720.210.9898   |   www.theinsuranceadvisors.net
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