Flood Insurance: Are you Covered?Centennial, Colo. – May 15, 2017 — The Colorado Division of Homeland Security and Emergency Management wants residents to be prepared for potential for flooding. It is a fact that 267 Colorado cities and towns and all of Colorado’s 64 counties have been identified as being at risk for flooding. Colorado’s landscape and ever-changing weather not only creates a beautiful state, but it also creates potentially powerful flood hazard.
Have you experienced flood damage to your home or business as a result of Colorado rainstorms? The first step to protecting your property is to meet with your insurance agent to review your policy. Flood damage is covered under a separate flood insurance policy and not under your general policy. Flood insurance is purchased directly from your insurance agent. A list of insurance agents is available on the National Flood Insurance Program (NFIP) website. The most important aspect of flood insurance is to understand when coverage starts and what is not covered by the policy.
Flood Preparedness Tips
- Secure a flood insurance policy from an insurance agent.
- Prepare your property to minimize flood damage. Follow the steps suggested by the NFIP to Prepare your House.
30-Day Waiting Period
- Typically, there is a 30-day waiting period from the date you purchase your policy before it goes into effect. Here are some of the exceptions listed on the NFIP website:
- If a building is newly designated in the high-risk Special Flood Hazard Area (SFHA) and you purchase flood insurance within the 13-month period following a map revision, there is a 1-day waiting period.
- If you purchase flood insurance in connection with making, increasing, extending, or renewing your mortgage loan, there is no waiting period.
FEMA AssistanceThe FEMA Individuals and Households Program is not available for assistance unless designated under a major disaster declaration executed by the President. There are restrictions that come with this program as well as the intent to assist with a safe living space, not to return a structure to pre-disaster conditions. The FEMA website states, “The Individuals and Households Program (IHP) provides financial help or direct services to those who have necessary expenses and serious needs if they are unable to meet the needs through other means.
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