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• Board Meeting Date: 3/18/2008
• Description: WPFM Section - Flood Outlook Report
• Board Meetings - Doc Type: Memo

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Colorado currently has 18,333 flood insurance policies in force with a coverage of $3.81 billion (as of
March 3, 2008). It is also important to be aware that mapped floodplams only represent areas subject to damage
from the 100-yeaz flood. Floods can and do exceed this extent, and therefore property owners outside of the
mapped floodplains should consider protecting themselves also. Recent events provided perfect examples of how
even properties located outside of mapped 100-year floodplains can be damaged or destroyed. Flood insurance is a
good investment because it is the best means for protecting your lazgest investment from flood loss. Call your
insurance agent today. For more information, or to find out if your community participates in the NFIP,
contact the National Flood Insurance Program at 1-800-427-4661 for the names of local agents who handle
flood insurance policies or contact your local insurance agent. You may also contact the Colorado Water
Conservation Board at 303-866-3441 for additional assistance.
Frequently asked questions about flood insurance
Can I buy flood insurance in high risk areas? Yes. You can buy flood insurance no matter where you live in
your community as long as your community belongs to the National Flood Insurance (NFIP). There are currently
236 cities, counties, and towns statewide that participate in the NFIP.
Can I buy flood insurance if I live outside of the 100-year floodplain? Yes. You can buy flood insurance no
matter where you live in your community as long as your community belongs to the National Flood Insurance
(NFIP). There aze currently 236 cities, counties, and towns statewide that participate in the NFIP. Flood insurance
is still available outside of mapped floodplains, and may be available for lower rates.
Does the 100-year flood event happen only once every 100 years? No. The 100-year flood event is a frequently
misunderstood term. It indicates an event that has a 1 % chance of being equaled or exceeded in any given year. A
100-yeaz flood could happen multiple times in one year, or it might not occur in 1,000 years. The term "100-yeaz
flood" simply refers to the expected probability of the event occurring based on the best available information.
Is federal disaster assistance available to damaged buildings without flood insurance? Typically not. Every
year around the country, many homeowners are dismayed to fmd out that federal disaster assistance falls well short
of providing enough relief to cover costs from damages. Federal disaster assistance is only available in the event of
a federally-declazed disaster and, other than short-term living expenses, generally takes the form of low-interest
loans, which must be paid back. It should also be noted that while property damages due to flooding have been
recorded every year in Colorado, a federal disaster has not been declazed since 1999. Flood insurance is the best
way to protect your property from floods.
Doesn't my homeowners insurance cover flooding? No. Unfortunately, many homeowners do not find out until
it is too late that their homeowner's policies don't cover flooding. Federal flood insurance protects your most
valuable assets -- your home and belongings.
Is flood insurance only available to homeowners? No. Flood insurance is available to protect homes,
condominiums, apartments and non-residential buildings, including commercial structures. See your insurance
agent for limits of coverage for each.
If my property has been flooded previously, can I still buy flood insurance? Yes. It doesn't matter how many
times your home, apartment or business has flooded. You are still eligible to purchase flood insurance, provided
that your community is participating in the NFIP.
Is there any type of coverage for my basement under the NF1P? Yes, but limited. Basement coverage extends
to cleanup expenses and items used to service the building, such as elevators, furnaces, hot water heaters, washers
and dryers, air conditioners, freezers, utility connections, circuit breaker boxes, pumps, and tanks used in solaz
energy systems. The policy does not cover the contents of a finished basement and improvements, such as
finished walls, floors and ceilings.
Flood Protection • Water Project Planning and Finance • Stream and Lake Protection
Water Supply Protection • Conservation Planning