Why is it so important to consider adding Flood Insurance to your Homeowner, Business, or Farm property insurance policy as early as possible?
Most property owners understand that Flood Damage is excluded on a standard property policy, but when we hear “Flood Damage” it’s easy to picture the images that make the news – Gulf Coast communities underwater after a hurricane. We think of waist-high water, downed trees and vehicles floating down streets. The truth is usually a lot less dramatic.
What Type of Flood Damage is Excluded in My Policy?
Flood Damage is just as likely to be caused by a high water table causing seepage into a basement, ruining flooring, drywall, or personal property. Or it can be from heavy rains exposing previously unseen leaks in windows and doors. It can be caused by backup of sewers or sump pump overflow. All of these are excluded from a standard home, farm or commercial property policy, in addition to water levels overflowing riverbanks, ditches, creeks and streams.
Why Flood Risk is Higher in 2023
The past winter has experienced several non-normal weather conditions. High Mountain Snowpack in Colorado is already at 119% of average, and there have been several high-snowfall storms throughout Western Nebraska, Southern Wyoming and Eastern Colorado. Either of these conditions alone would be a cause for some added caution, but together they serve to compound the problem: the lower elevation snowmelt will saturate the topsoil, as any farmer can tell you, raising the water table near waterways.
As the Mountain Snowpack starts to melt and come down those waterways, it will raise the water table even more, and may begin testing the limits of riverbanks and flood control canals and berms, leaving the system vulnerable to any Springtime precipitation events.
What is the Flood Insurance Waiting Period?
Of course, damage is never certain, and there are precautions property owners can take to limit their exposure to damage; Flood Insurance is one of those precautions, but not if you wait too long. An annual policy purchased now should ensure you are covered through the spring. However, coverage doesn’t kick in for at least 30 days after the date of purchase, due to strict federal regulations – if flooding starts within that waiting period, the damage wouldn’t be covered. That is why we recommend getting a policy as early as you can – before snowpack starts to melt.
As with any insurance policy, there are exceptions and qualifying circumstances; but that’s where we come in. Our job as agents is listening to the specifics of your situation and trying to get you coverage that doesn’t leave you hanging when its time to file a claim. Visit one of our locations, look us up online, or give us a call anytime.