Flood Insurance

Your Homeowner Policy Does Not Cover Flooding.

Did you know most property insurance doesn't cover flooding? The federal government runs the National Flood Insurance Program (NFIP), which issues flood insurance policies. Even if you have homeowners, renters, condo, landlord, mobile home or business insurance, you would need to purchase a separate flood insurance policy to be protected from flood damage.

The Benefits of Flood Insurance

Though the government determines flood insurance coverage and premiums, you can still purchase your flood policy through our agency, even if you don't have an existing property policy with us.

Fast Facts About Claims and Coverage

Understanding your flood risk and what flood insurance typically protects can help you choose coverage that meets your needs. Here are some facts you should know:

• The average flood loss is $38,000.
• Nearly 25 percent of all flood insurance claims come from areas not considered high risk.
• There is a waiting period before your flood insurance policy goes into effect, typically 30 days from the application and premium payment date.
• If flood insurance is required for your mortgage loan, you may not have to wait 30 days. Usually, the loan closing date will be the effective date.
• Flood insurance can help protect you even if a federal disaster isn't declared.
• Less than 50 percent of all flooding incidents are awarded a Federal Disaster Assistance declaration, and most disaster assistance is provided in the form of a loan that must be repaid with interest

Protection For Other Types of Water Damage.

Most basic property insurance policies do not cover water backup damage unless there is an added endorsement. Similarly, a flood insurance policy would not cover water backup either. Make sure to ask your agent so that you are covered on your primary property policy.

Contact Aspen Insurance Agency today to request a quote and find out more information.

About Aspen Insurance Agency

Aspen Insurance Agency is based in Denver, Colorado, and serves clients nationwide. As a family owned agency, we work with multiple insurance carriers to offer affordable and comprehensive insurance solutions. We provide personal, commercial, and professional insurance to residential and commercial clients, helping you secure the coverage you need at the lowest possible cost.