How much is Flood Insurance in Colorado?
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How much is Flood Insurance in Colorado?
The average cost per policy in Colorado through the NFIP is $776.29. Depending on where you live, this average could vary substantially! Depending on your deductibles, the cost of your home and contents, your premiums can change. The top 10 most populated cities in Colorado are listed below with their average cost per policy through the NFIP. If you're interested in a quote for a private flood insurance policy to compare costs, we offer a 100% online quote process.
Average Costs through the NFIP*
Average Cost per Policy
*Prices as of April, 2021.
Risk Rating 2.0 Pricing in Colorado.
FEMA's flood program through the NFIP has begun using a new pricing methodology, Risk Rating 2.0. This will result in a price change for 96% of policyholders. This will impact nearly all of the 20,000 NFIP policies in force in Colorado.
New NFIP Policyholders can expect to see these changes October 1st, 2021. If you're an existing policyholder, these rate changes won't affect you until April 1st, 2022.
If you already have a policy through the NFIP, be sure to compare the Risk Rating 2.0 price to a Private Flood Insurance quote. You could possibly save hundreds of dollars. The time to start comparing prices on your flood insurance is before your policy is set to renews.
The NFIP does not allow mid-term cancellations. This means that once your policy renews, you have no option to cancel it unless you meet very restrictive guidelines, such as the sale of your home. The process can be difficult and frustrating. Here is a link to the guidelines to cancel an NFIP policy mid-term: FEMA Cancellation Form.
What is not covered by the NFIP?
Debris removal, additional living expenses, and belongings located in your basement, aren't covered. You would be required to purchase a secondary policy to cover appurtenant structures, such as a detached garage or shed. Visit their website to see everything that is, or isn't, covered by the NFIP.
If you'd like to be free from these limitations and have more options for coverage, consider getting flood insurance from FloodPrice,
How do I save money on Flood Insurance in Colorado?
You may be able to save by getting a quote for private flood insurance instead of going through the NFIP. This is an entirely online process, no need to wait for a callback or an email! Once you've received your quote, compare it to what you'd pay through the NFIP. But don't just compare the costs, check what's covered by the NFIP so that if you try to submit a claim, you're not caught off-guard by what is, and isn't, covered.
The cost of a claim can be expensive, most are financially devastated after experiencing a flood if they don't have coverage. The average NFIP claim for flood damage in Colorado over the past 10 years is $25,000.
Do I need flood insurance in Colorado?
Many people underestimate the amount of flooding that happens in Colorado, since it's not on the coastline. But there are plenty of areas that are in flood zones that require you to get flood insurance. Even if you're not in a flood zone that requires flood insurance, it does not mean that you're free from the risk of flooding.
Find out if you're in a flood zone! Enter your address on our FEMA Flood Zone map lookup.
Does my homeowner insurance in Colorado cover flooding?
Homeowner's insurance generally excludes flood coverage. Obtaining a flood insurance policy is typically left up to the homeowner. If you're looking to get a policy, we offer a 100% online process. You can get a quote started here!
*48% of NFIP policy holders in Colorado (9,545 policies) will see an average increase of $0-$120 per year. 5% of policyholders (945 policies) will see an increase of $120-$240 per year. 4% of policyholders (819 policies) will see an increase of greater than $240 per year.