How Much Is Flood Insurance in Colorado? Average Flood Insurance Cost and Coverage

The flood insurance cost in Colorado is determined by county and individual risk variables, including the design of your house and the frequency of flooding. Typically, floods are not covered by homeowners or renters insurance.

The Federal Emergency Management Agency (FEMA) estimates that just one inch of water can cause damages up to $25,000. Colorado has a 203% increase in properties at risk of a flooding event. Consider getting flood insurance even if your Colorado home is in a low-risk flood zone to protect yourself from the hefty costs of flood-related damage.

TABLE OF CONTENTS

• Cost of Flood Insurance in Colorado
• Flood Insurance Cost Factors in Colorado
• Flood Insurance Coverage
• Flood Insurance Cost Factors in Colorado
• Do You Need Flood Insurance?
• Colorado Flood Insurance FAQs

Many areas in Colorado are at risk of flooding, which could explain why the average annual cost of flood insurance is $993. Rates, however, might differ significantly based on your county’s flood rating and specific property risks. Those who live in flood-prone locations (moderate or high-risk) typically have to pay a higher rate for a policy.

Average flood insurance rates in Colorado are more expensive than the national average. That may be due to Colorado having more flood zones with a high risk of flooding than other areas.

Bent County has the absolute cheapest premium at around $451 per year, while Gilpin County has the most expensive at roughly $3,313 annually. The average cost of flood insurance in each Colorado county is shown in the table below.

The NFIP is where many individuals purchase their flood insurance, but you can also purchase it from a private insurance provider. They often have an excess policy (supplemental coverage for a base policy) in addition to a base policy, which is similar to an NFIP policy.

Colorado residents that feel that the NFIP coverage is inadequate or are not part of an NFIP community should turn to a private company.

Partner insurance companies of the NFIP in Colorado also provide flood insurance to residents. MoneyGeek collected a list of NFIP-affiliated insurance providers along with their corresponding phone numbers for your convenience.

Because there are no requirements, buying flood insurance in Colorado is simple. To get started, contact your insurance agent or the NFIP helpline at 877-336-2627. You can also reach out to a private company that offers flood insurance.

MoneyGeek advises buying your flood insurance coverage as soon as you can because the NFIP has a 30-day waiting period. And private insurance companies in Colorado could impose a waiting period of 10 days or longer. To make certain, consult your insurance agent.

Your structure and its contents are covered by a standard flood insurance policy in Colorado. Keep in mind that even one inch of water in your property could result in $25,000 in flood damages.

Flood insurance does not cover swimming pools, decks, money, documents or basement items. A flood insurance policy also does not cover damage to a vehicle because of flooding. To protect your car, purchase comprehensive coverage in your auto policy.

One element of a typical flood insurance policy is building coverage. It covers damage to your home's actual structure, such as:

• Foundation walls
• Electrical systems
• Plumbing systems
• Furnaces, central heating and air conditioning
• Built-in appliances
• Permanent carpets
• Built-in furniture

In Colorado, you can purchase up to $250,000 of building coverage from the NFIP.

Contents coverage is the part of a flood insurance policy that covers the cost of repairing or replacing your personal property. Some of the personal objects that flood insurance often covers are:

• Clothing
• Furniture
• Electronic equipment
• Washers and dryers
• Artwork

An NFIP policy can have up to $100,000 of contents coverage.

Prior to October 2021, the cost of flood insurance was only based on geography and the flood risk map. You can see the historical flood risk of your Colorado area with FEMA’s interactive map.

El Paso County has seen the most flooding events in Colorado — 106 — since 1996, according to FEMA data. The counties in Colorado that have never experienced a flood are Lake County, Mineral County, Conejos County and Alamosa County. In El Paso County, flood insurance has an annual average cost of $1,004.

In Lake County, Mineral County and Conejos County, even without a history of flooding, average annual costs are more, $1,568, $1,444 and $1,978, respectively. In Alamosa County, residents pay substantially less at around $588 a year.

A new risk rating system, Risk Rating 2.0, was implemented by FEMA in October 2021. Along with mapping flood zones, this approach assesses specific property risks, such as the building's foundation, structure, elevation, and replacement and repair costs.

Risk Rating 2.0 offers a premium computation that is more specialized than the previous method. Your flood insurance premium in Colorado, however, is still greatly influenced by where you live. The following is a breakdown of some of the flood insurance cost factors in Colorado.

Most renters and homeowners insurance policies do not include flood coverage. But, there are benefits to buying flood insurance. If your home floods and a presidential disaster proclamation has not been issued, providers must still pay the claim. The usual household grant amount from the federal government for disaster relief is $5,000 — the expense of flood damage easily exceeds that limit, and a flood policy pays much more.

Even those who reside in low- or moderate-risk areas should consider buying flood insurance in Colorado since every property is susceptible to flooding. Those who have a government or private lender mortgage and reside in a high-risk flood zone must get flood insurance.

In general, flood insurance provides policyholders with an additional level of security.

To help you understand the basics of flood insurance in Colorado, MoneyGeek has provided answers to the most frequently asked questions below.