7951 E. Maplewood Avenue, Suite 110
Greenwood Village, Colorado 80111
Serving Colorado, New Mexico, Utah & Wyoming
Contact: Carole Walker, Executive Director
303-790-0216 or toll free 800-355-9524
Tennessee Flooding: A Flood Insurance Wake-Up Call—Reminding Colorado
Homeowners & Renters that NOW is the Time to Consider Flood Insurance.
May 6, 2010 – The devastating images of the historic city of Nashville and surrounding areas underwater is a stark reminder to Coloradans that they need to consider separate flood coverage to protect their property and personal belongings. Your car is covered for flood damage only if you purchase optional "comprehensive" coverage.
Reports from Tennessee have already expressed concern that many homeowners affected by the flood do not have insurance, so they are left struggling with how to recover from the disaster. If there is a Presidential Disaster Declaration most of the funding will be in the form of low interest loans that need to be paid back.
Flood insurance is not covered under a standard homeowners or renter's insurance policy, but it can be purchased through your insurance agent or company representative. Flood insurance must be in place 30 days in advance of the flood, so if you are concerned about the heightened risk, now is the time to check into flood insurance.
"It's estimated that up to 25% of flood claims are filed in lower risk areas," says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. "So, all homeowners, at least, need to consider purchasing additional flood coverage." Flooding is the most common natural disaster in the U.S. and during the past 10 years, the average flood claim has amounted to over $33,000. Flood insurance is funded federally through the National Flood Insurance Program (NFIP) and your community must participate for you to be eligible.
BEFORE THE FLOOD
- Know the elevation of your property in relation to nearby bodies of water. If your home is not on high ground, know where high ground is and how to get there quickly.
- Keep apprised of weather conditions both where you are and upstream. Distant rain or snowmelt can cause a raging torrent headed in your direction in minutes.
- Be aware of flood watches and warnings. If a flood watch or warning has been issued, move your family (and belongings, if there is time) to high ground. In some cases, flood insurance will reimburse the costs you incur for moving and temporarily storing the contents of your home.
- Remember: Your homeowner's insurance policy does not cover flood damage. If you decide to buy a flood insurance policy, which is the only type of policy that covers flood damage, consider insuring your home for 100 percent of replacement cost and buying insurance to cover the contents of your home, as well as the dwelling.
DURING THE FLOOD
- Do not attempt to cross a flowing stream on foot if the water is above your knees.
- Do not try to drive over a flooded road. If the vehicle stalls, you and the vehicle may be swept away.
- Abandon a stalled vehicle immediately.
- Avoid traveling at night, when flood dangers are more difficult to recognize.
AFTER THE FLOOD
- Contact your insurance professional immediately.
Rocky Mountain Insurance Information Association is a non-profit consumer information organization. Affiliated with the Insurance Information Institute, RMIIA has been serving consumers and the media since 1952.