Find the Best Flood Insurance Rates and Companies in Colorado
Colorado can be prone to many types of natural disasters, including flooding events that stem from heavy rainfall or snowmelt. It's critical to be aware that your homeowners insurance or business insurance policy won't reimburse you for natural flood damage to your property. To get the coverage you need, you'll have to get set up with a flood insurance policy.
Luckily, a local independent insurance agent in Colorado knows where to find the best flood insurance. They can help you get equipped with all the coverage necessary to protect your unique property. But first, here's a deep dive into Colorado flood insurance, what it covers, how much it costs, and more.
Key Takeaways - Colorado Flood Insurance
- Colorado flood insurance can protect your building's structure and contents from natural flood damage.
- Colorado flood insurance costs an average of $879 per year, or approximately $73 per month.
- Flood insurance rates in Colorado are slightly cheaper than the current national average of $899 per year or approximately $75 per month.
- You can be required to have flood insurance in Colorado if you have a mortgage or your property is located in a high-risk flood zone.
- Working with a local independent insurance agent is strongly recommended, as they can tailor a policy to your unique property and coverage needs.
The Best Flood Insurance Companies in Colorado
There are several private insurance companies in Colorado that sell flood insurance. Here are our top two recommendations for the best flood coverage in the state:
- REInsure Pro: This carrier offers flood insurance, along with a comprehensive catalog of other personal insurance products. REInsure Pro works with independent insurance agents and offers fast claims responses.
- Progressive: This carrier also offers flood insurance, along with a comprehensive catalog of other personal and business insurance products. Progressive has an excellent financial strength rating from AM Best, offers many discounts, and provides 24/7/365 customer service.
A Colorado independent insurance agent can help you compare policy options and quotes for affordable flood insurance near you.
How to buy flood insurance in Colorado
Flood insurance in Colorado can be bought from FEMA's National Flood Insurance Program (NFIP). Many private insurance companies also sell flood insurance in Colorado. However, the best option might be to work together with a local Colorado independent insurance agent. These agents have access to multiple carriers, so they're free to shop and compare your options to find the cheapest flood insurance in Colorado.
Is Flood Insurance Required in Colorado?
It can be, yes. Colorado flood insurance requirements typically apply to owners of residential or commercial properties in high-risk flood areas. You might also be required to have Colorado flood insurance if you have a government-backed mortgage on your home.
What Does Flood Insurance Cover in Colorado?
Flood insurance in Colorado includes coverage for your insured building's structure, foundation, and contents. This coverage is available for homes and businesses. Colorado flood insurance breaks down as follows.
- Buildings coverage: This can reimburse you for flood damage to a building's structure, including its foundation and all of the following:
- Window blinds
- Foundation walls, anchorage systems, and staircases
- Electrical and plumbing systems
- Refrigerators, cooking stoves, and built-in appliances like dishwashers
- Permanently installed carpeting
- Detached garages
- Fuel tanks, well water tanks and pumps, and solar energy equipment
- Furnaces and water heaters
- Permanently installed cabinets, paneling, and bookcases
- Contents coverage: This can reimburse you for flood damage to your personal property stored inside the insured building, including the following:
- Clothing, furniture, and electronic equipment
- Curtains
- Portable and window air conditioners
- Portable microwave ovens and portable dishwashers
- Food freezers and the food in them
- Clothes washers and dryers
- Certain valuable items, such as original artwork and furs, up to $2,500
- Carpets that are not included in building coverage
Work with a Colorado independent insurance agent to get set up with the right amount of flood insurance coverage in each category.
What's Not Covered by Flood Insurance in Colorado?
Colorado flood insurance won't reimburse you for flood damage to your vehicles. To have protection for this, make sure to add comprehensive coverage to your personal auto insurance policy. Additionally, don't expect flood insurance to cover any of the following in Colorado:
- Preventable damage caused by moisture, mildew, or mold
- Property and belongings outside of the insured building, such as walks, decks, patios, fences, trees, plants, wells, septic systems, seawalls, hot tubs, and swimming pools
- Additional living expenses, such as temporary housing
- Currency, precious metals, and valuable papers such as stock certificates
- Personal property kept in a basement
- Financial losses caused by business interruption or loss of use of the insured property
- Flood damage caused by sewer line breaks or backups*
*A local Colorado independent insurance agent can help you add a sewer backup endorsement to your home insurance policy if you'd like coverage against flood damage caused by sewer backups and line breaks. They can also help you review the specific exclusions listed in your Colorado flood insurance policy.
How Much Does Flood Insurance Cost in Colorado?
The average flood insurance cost in Colorado is $879 per year, or approximately $73 per month. This is slightly less expensive than the current national average flood insurance rate of $899 per year, or approximately $75 per month. However, keep in mind that flood insurance rates can vary throughout the state, so flood insurance in Denver might have a different rate than the same amount of flood insurance in Colorado Springs.
Local flood insurance rates are set by FEMA and the National Flood Insurance Program using the flood insurance rate map in Colorado. Additionally, Colorado flood insurance rates can be influenced by these factors:
- The value of your home’s contents
- The type of coverage you purchased
- The deductible and amount of coverage you need
- Your home's flood zone designation
- The location, design, building materials, and age of your home
- Whether or not your house has a basement
A Colorado independent insurance agent can help you find affordable flood insurance in Boulder, Aurora, Fort Collins, or wherever you reside.
Colorado Flood Zones
You can get an accurate flood risk assessment for all different areas of Colorado using FEMA's official website. On this interactive website, you can find the following comprehensive and user-friendly documents:
- Colorado flood zone maps
- Denver, Colorado flood maps
- Colorado flood zone map PDFS
- Colorado flood plain maps
Knowing your Colorado flood zone designation can help you estimate and understand the cost of your flood insurance premiums.
Colorado cities with the highest flood risk
Due to the mountains and varying elevations in Colorado, many different cities carry a high flood risk. The risk is much greater in certain cities than in others. If you own property in any of these Colorado cities, you might want to get covered by flood insurance immediately:
- Colorado Springs
- Denver
- Fort Collins
- Aurora
- Longmont
- Boulder
- Arvada
- Loveland
- Lakewood
- Greeley
It's possible that flood insurance is mandatory for properties in these cities in Colorado. A local independent insurance agent can help you get equipped with all the necessary Colorado flood insurance today.
The Best Flood Insurance Discounts in Colorado
You can earn flood insurance discounts in Colorado through:
- Private flood insurance companies in Colorado: Private flood carriers offer various flood insurance discounts, such as those for properties with flood-proofing measures or for individuals affiliated with certain organizations. The available discounts vary by insurer.
- FEMA: This organization grants flood insurance discounts for newly mapped properties and for individuals located in communities that participate in the Community Rating System. These flood insurance discounts range from 5% to 45% and are set by a property's classification.
Colorado independent insurance agents know where to find the best discounts and savings on flood insurance in your area.
How to Apply for Flood Insurance in Colorado
You have three main options for shopping for flood insurance in Colorado:
- FEMA's National Flood Insurance Program (NFIP)
- Private flood insurance companies in Colorado
- Local independent insurance agents in Colorado
While you can buy coverage easily online, a Colorado independent insurance agent can simplify the process for you even more. These agents have access to several different Colorado flood insurance companies, so they're free to shop and compare quotes and policy options for you to find the best deal on coverage.
How to File a Flood Insurance Claim in Colorado
Use this simple guide to filing flood insurance claims in Colorado. The process can be easy and streamlined once you understand the steps involved.
- Contact your insurance company or agent: Grab your flood insurance information, including your policy number, and give your flood insurance company or Colorado independent insurance agent a call to report the incident immediately.
- Prepare for an inspection: Wait for officials to tell you that your property is safe to reenter before you evaluate the damage. Next, prepare a detailed written report and take photo and video evidence of all property damage to send to your carrier.
- Work with your claims adjuster: You'll schedule a visit from a claims adjuster to inspect the damage to your property in person. At the end of their visit, the adjuster might be able to provide you with a reimbursement estimate.
- Receive payment: Finally, your claim payout will be issued. The timeframe for receiving your payment can vary depending on your specific carrier. You might receive a check in the mail or a direct deposit into your bank account.
If you file your claim through your Colorado independent insurance agent, they can contact your carrier directly for you. Your agent can also keep you updated throughout the claims process and let you know when you can expect to receive your payout.
FAQs About Colorado Flood Insurance
What is the average cost of flood insurance in Colorado?
The average cost of flood insurance in Colorado is $879 per year. This is about $73 per month.
What is the best flood insurance company in Colorado?
After comparing dozens of flood insurance companies, we found that the best choice for coverage in Colorado this year is REInsure Pro. REInsure Pro works with independent insurance agents and offers fast claims responses.
Do you need flood insurance in Colorado?
It's possible you will. Flood insurance in Colorado can be mandatory if you have a mortgage on your property or live or own a business in a high-risk flood area.
Why work with an independent agent in Colorado when shopping for flood insurance?
Colorado independent insurance agents can help you find the flood insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare flood insurance quotes from several carriers for you.
And down the road, they can help you file flood insurance claims or update your coverage as needed. Your agent can help you find flood insurance in Colorado Springs or wherever you reside.
Sources
https://www.nerdwallet.com/article/insurance/flood-insurance-cost
https://www.groundworks.com/resources/top-cities-at-serious-risk-of-flooding-in-colorado/