Flooding has devastated several communities in Colorado including areas that were typically not regarded as flood-prone areas. Both residential and commercial property owners need to purchase flood insurance as a separate insurance policy. Therefore, if you own a property, you should purchase a flood insurance policy from A Zoila’s Insurance to help you protect your hard-earned assets.
Flood insurance in flood-prone communities
It is prudent to consider buying the National Flood Insurance regardless of whether your community is in the National Flood Insurance Program (NFIP) or not. Typically, lenders require borrowers to buy enough flood insurance in order to qualify for a loan that is federally regulated. However, borrowers of conventional loans within the Coastal Barrier Resources System (CBRS) areas are exempted.
Unfortunately, some homeowners find out that the policy doesn't cover floods when it is too late. National Flood Insurance is purchased in addition to your homeowner’s insurance policy to protect your valuable assets. Flood insurance protects homes, condos, apartments, and commercial structures.
You can still purchase flood insurance after your property has been previously flooded. Remember, your flood insurance policy becomes effective after the expiration of the allowed 30-day waiting period. Therefore, it is crucial that you are aware of the limitation to avoid damage and costs when floods strike. However, you should contact our agents at A Zoila's Insurance for more details about the available exemptions.
Regardless of whether your property is located in a flood-prone area or not, it is advisable to purchase flood insurance. Statistics from NFIP's claims records show that up to 25 percent of all the claims come from outside flood-prone areas. We have a team of knowledgeable flood insurance specialists who will guide you on how to choose a coverage option that is suitable for your budget. Contact us today for more information on flood insurance requirements.