This page contains a Flash digital edition of a book.
Insurance Talk


Flash fl oods, wildfi re zones Consider fl ood insurance


T


he Federal Emergency Management Agency (FEMA) says that one of the most important things Colorado residents can do to protect their homes, businesses and personal property—a step that far too many


neglect—is to buy fl ood insurance. Because most do not live on a mapped fl ood plain, they never think to do so. But FEMA says 25 percent of fl ood damages occur outside of high-risk areas, and 30 percent of claims paid are not in a fl ood plain. Only a few inches of water from a fl ood can cause hundreds or thou-


sands of dollars of damage. The average fl ood claim over the past 10 years has averaged $48,000. Colorado wildfi res alter the landscape, increasing the probability of


devastating damages from fl ash fl oods, mud fl ows and debris fl ows, even in the event of a small amount of rain. Outdated or clogged drainages or heavy downpours also contribute to the potential for fl ood. Flood insurance can be purchased by homeowners, tenants and business owners through licensed property and casualty insurance


agents, and is made available by the National Flood Insurance Program (NFIP). The NFIP, cre- ated by Congress in 1968, offers coverage if the community par- ticipates in the NFIP. In turn, participating communities agree to adopt and enforce ordinances that meet or exceed FEMA require- ments to reduce fl ood potential. Jim Rookard, director of insur-


Buying your next car through AAA Colorado AutoSource is as


easy as 1-2-3.


1. Tell us what kind of car you want. We can get you any make or model.


2. We’ll find the car you want at the price you’ll like.


3. If necessary, we will arrange financing and find a buyer for your trade-in.


You save time and money! A Colorado licensed dealer since 1998. visit AAA offices 20 EnCompass March/April 2012 click AAA.com


call 866-571-7706 www.AAA.com


ance services for AAA Colorado, notes, “Basically, anywhere it rains, it can fl ood. An important thing to note is that, in addition to recognizing the need for fl ood insurance protection, consum- ers should know there is a 30 day waiting period required between the time fl ood insurance coverage is purchased and the time it goes into effect An exception being, if the initial purchase of fl ood insurance is made in connection with making, increasing, extend- ing or renewing of a loan on the property, the waiting period is waived.” Protection for fl ood damage for autos is found in the “comprehensive coverage” portion of auto insurance policies. Standard homeowners insur-


ance policies do not protect against fl ood-related losses. Only fl ood insurance does. Contents coverage is a sepa-


rate, optional coverage from the structure. It is not automatically included with building cover- age. Rates vary, depending on the amount of coverage, what is covered and the fl ood risk for a particular property. It is always best to contact your


agent and discuss your unique circumstances. 


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52