You may not be worried about flooding damage since you don’t live near a body of water or the coast. You may even assume your home is already covered against water damage thanks to your home insurance policy. Flooding does happen, no matter where you are located, and you need to be prepared if it does happen. An agent at Schiller Insurance can help you determine your risk and help you purchase the right policy for your needs. Your homeowner’s insurance doesn’t cover any damage caused by flooding and you need to purchase a separate policy. Statistics show that a home is three times more likely to have flood damage than fire damage during a typical 30-year mortgage. It only takes a few inches of water to damage the home and its contents. You want protection from the flood associated with heavy rains and other conditions that impact the state. Even if you think you live in a low flood risk area, your home could still be at risk. About a quarter of flood claims are filed by homeowners in these low-risk areas.
What Does Flood Insurance Cover in Colorado?
A flood insurance policy can give you coverage for both your home itself and your property, including furniture and other items that are damaged by floodwaters. When getting flood insurance, you have different coverage options. You can choose to just protect the structure itself, just your belongings, or both your belongings and the home. There are certain coverage limits available under a standard policy. Coverage will be limited to $250,000 for the home structure and up to $100,000 for contents coverage. If you need more coverage than this, there is the option to purchase an excess flood policy. Flood policies have a 30-day waiting period, so you need to have flood coverage in place before a big storm hits.
Contact Schiller Insurance to get a quote on flood insurance.