Do I Need Flood Insurance in Colorado?
Standard homeowners insurance policies never cover flood insurance. Homeowners living in areas of flood risk need to purchase a separate policy to protect their homes from floods.
In Colorado, many homeowners are required to carry flood insurance, especially if they have a mortgaged property in a high- risk flood zone, also called a Special Flood Hazard Area (SFHA). Not only does your lender require it, but the federal government requires your lender to make flood insurance mandatory.
Homeowners in moderate- or low-risk areas may or may not be required by a lender to carry a flood policy. And homeowners who have no lending product collateralized by their home aren’t required to carry a flood policy.
However, it’s still a great idea. Flooding is becoming a larger issue each year, thanks to increased precipitation and urban sprawl. More rain and snow mean more water to flood water tables. Increased urbanization means less natural ground and vegetation to absorb that water.
Finally, flood damage is among the most expensive forms of property damage. Not only can the water damage ruin levels of a home, it can also lead to other forms of damage, like mold and rot.
Colorado Flood Zones
There are flood zones in every county of Colorado. In drier regions, flash floods are a big concern. The cities with the most properties at risk of flooding in Colorado are:
Colorado Springs: 15,440 properties
Denver: 10,136 properties
Fort Collins: 4,559 properties
Aurora: 4,058 properties
Longmont: 4,023 properties
According to FloodFactor, Colorado will see a 2.3 percent increase in the number of properties at substantial flood risk in the next 30 years. However, many local governments are addressing the increased risk with public works projects, including:
Upgrading sewer systems
Building detention basins
Protecting marshes and wetlands
Building rain gardens and bioswales
You can find a detailed flood map for your area either through your local government website or by visiting FEMA ’s website at www. FEMA. gov.