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the denverpost B denverpost.com B friday, september 13, 2013
F LO O D I N SU RA NC E
Boulder has most policies in state By David Migoya The Denver Post
The shock of floodwaters inundating Boulder-area communities is only the first wave. The second is the post-disaster realization that insurance policies might not cover the damage. The good news is that Boulder has the highest number of homeowners with flood-insurance polices — 3,504 — of any community in the state, according to the National Flood Insurance Program, an arm of the Federal Emergency Management Agency, which handles the bulk of the policies. But with roughly 20,000 households in the city that are detached single-family homes, according to the U.S. Census Bureau, the shock of no coverage appears imminent for many. “That little babbling creek can turn into a raging river in no time, as we’re seeing in Boulder,” said Carole Walker, executive director of the Rocky Mountain Insurance Information Association. “Understanding your coverage and its limits before you need it is very important.” The extent of flood damage to homes and businesses from the current torrent of rainfall remains unclear, according to insurance companies, but just because homeowners have a policy in place doesn’t necessarily mean they’ll be completely
How to deal with water damage B Have an annual insurance checkup with your agent to ensure coverage. B Keep policies stored in a high and accessible place such as an upper floor or a shelf off the floor. B Assess damage to the property, and call an agent immediately. B Make temporary repairs but only if it is structurally safe. B Keep receipts for all expenditures that might be covered. B Check the National Flood Insurance Program website at floodsmart.gov for additional information. B Do not stand in floodwater without adequate protection: It can conduct electricity or contain harmful bacteria.
covered. In fact, no standard flood policy offered today will pay for the damage of personal contents in a basement, Walker said, but items such as circuit breakers, furnaces and water heaters are covered.
For those with finished basements or items kept there for storage, the shock can be very real. Additional policies can be purchased for basement items such as washers and dryers, freezers and the food kept inside. But a home-theater system in a basement? “There really isn’t any coverage out there for it from flood damage,” Walker said. “But Lloyd’s of London does offer a broad policy offering catastrophic coverage, but it’s not federally backed, and homeowners need to investigate those costs and assess the risk.” Most homeowner policies cover damage from a storm that is not flood-related, such as a hole punched through a roof from a fallen branch, hail damage or lightning. But if the gutter overflows and water gets inside, that’s surface-water damage whose coverage is limited to the flood policy. And a flood policy must be in place 30 days before coverage begins. “Homes damaged by the storm, such as the roof or heavy water tearing a gutter from the structure, that’s usually covered on the homeowner policy,” said Angela Thorpe, spokeswoman for State Farm. David Migoya: 303-954-1506, dmigoya@denverpost.com or twitter.com/davidmigoya
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