Heavy rains and severe flooding took place in 17 counties of Colorado in mid-September, affecting thousands of businesses and families. The water damaged homes and commercial properties from Colorado Springs to Fort Collins. More than a month later, many families are making a shocking discovery. The damage done to their homes is not covered by their homeowners’ insurance, and assistance with repairs and rebuilding may not be coming.
Larimer County and Boulder County were two of the hardest-hit areas. In those counties, over one thousand of the 7,200 properties damaged by the rains did not have flood insurance, according to the Federal Emergency Management Agency. Across Colorado, only about 22,000 properties had flood insurance coverage.
Why did so many people lack a flood insurance policy? Some may have incorrectly assumed that flooding was covered in their homeowners’ insurance policy. Others may not have believed that their home was in danger of flooding. Still others may have known of the danger, but decided to risk it.
Some, such as those with a federally backed home mortgage living on a flood plain, are required to hold flood insurance. But many others aren’t. Experts say that a large loss event like the recent Colorado flood often result in more people buying flood insurance policies. But in the similar past events, residents often buy flood coverage only to cancel it shortly afterward.
What will the options be for the thousands of families without flood insurance coverage? Low-interest government loans, community-based relief groups, and the help of friends and family may be the best chance for some.
Do you need assistance with a flood insurance claim? Call the homeowners’ insurance attorneys at the Voss Law Firm today: 888-614-7730.