Main Content

Do you need Flood Insurance?

Your Questions Answered

Do I need flood insurance?

This is certainly a timely question, particularly if you live in Colorado! The question of needing flood insurance is in part driven by the location of your home. If you live in a flood plain, then it is likely you will be required to have flood insurance by your lender. If you don’t live in the flood plain, the question of whether you should buy this insurance is going to be like the other insurance decisions you make. Do you need disability insurance, life insurance, long-term care insurance? I guess if we all had an unlimited amount of money, all these policies would probably be a good idea. How do you evaluate or prioritize this? Your insurance agent should be your first and best resources. They should be able to help you evaluate the location of your home in respect to the known flood plains and then review with you what the pros and cons are of having or not having this type of coverage.

While some of the much sever damage occurred to homes because of overflowing creeks and rivers, there were homes with water damage that weren’t caused by an overflowing river!
Another common thought is that you don’t have to worry, because the federal government will step in. While FEMA and other agencies may provide aid to homeowners without insurance, that assistance typically comes in the form of temporary housing and aid. It appears to be unlikely that the government is going to rebuild your home and replace all your lost personal belongings like an insurance policy would.

Who do I use and trust? Call Tim Brown at American Family Insurance 303.903.3175 for more information. If you are looking for more referrals, or other home related vendors, check out my Preferred Vendors list on the Resource tab and e-mail me to request the password