Best Way To Find Affordable Home Insurance in Denver, Colorado

Floods are one of the most common natural disasters in the United States. Floods can happen anywhere, not just in high-risk flood zones, and they can affect anyone. Flooding can accord when a river overflows its banks, when heavy rain causes runoff, or when tides rise to cover land near the shoreline in Colorado.

The Federal Emergency Management Agency (FEMA) provides flood insurance to homeowners and renters who live in a high-risk flood zone or who live in a moderate-to-low risk area but have a federally backed mortgage.

Flood insurance is also available to homeowners and renters who live outside of high-risk flood zones.

There are three types of flood insurance: community, private, and government-backed. Community flood insurance is offered by a community or homeowners association to its members. Private flood insurance is offered by private companies like Allstate or State Farm. Government-backed flood insurance is offered by the National Flood Insurance Program (NFIP).

How much is Flood Insurance in Colorado?

Homeowners in Colorado are required to have flood insurance if they live in a designated high-risk zone. See what flood zone you're in via Floodsmart.gov

In Colorado, the average cost of flood insurance is $1,400 per year. If you live outside of a designated high-risk zone, you can still purchase flood insurance for $900-$1,100 per year.

The average cost of flood insurance varies by state and zip code. For example, the average cost in California is $2,000 per year and the average cost in Illinois is $1,200 per year. The rates are determined by factors such as location and building type.

Average Costs through the NFIP* (2021)

What Does My Flood Zone in Colorado Mean?

Flood zones are determined by the Federal Emergency Management Agency (FEMA). They are a map of areas that have a high risk for flooding.

There are three zones, flood zone A, flood zone B and flood zone C . Flood Zone A is the area that has the highest risk for flooding and it is also known as the Special Flood Hazard Area. These areas usually have a 1% chance of flooding in any given year.

There are four flood zone categories:

1. A high risk flood zone means that the area has a 1% or greater chance of flooding in any given year.
   
2. A moderate-to-low risk flood zone means that the area has a 0.2% to 1% chance of flooding in any given year.
   
3. An unknown or no information provided flood zone means that there is insufficient data on the property’s elevation, slope, or other factors that would determine its flood risk category.
   
4. An X-Zone is an area with special flood hazards such as areas with levees, canals, and dams

When Should I Purchase Flood Insurance in Colorado?

You can purchase flood insurance at any time, but it's a good idea to do so within 30 days of purchasing a new policy or after your community becomes eligible for NFIP coverage.

However, the NFIP waives the 30-day waiting period under certain number of situations, such as:

• If and when you purchase a policy while taking out or refinancing a mortgage
• When you alter your insurance coverage when renewing an existing flood insurance policy
• When the flood damage is caused by burning or flooding of adjacent federal property

Does my homeowners policy cover flood damage?

No! Standard homeowners and renters insurance coverage in Colorado will not cover flood damage to your home or their contents, but flood insurance does.