Flood Policies Barely Increase a Year After Damaging Colorado Floods

At the time of the September 2013 Colorado flooding, an estimated 22,000 flood insurance policies were in force statewide. A year later FEMA reports the number of policies at 24,000.

“The heartbreak of Colorado’s most damaging natural disaster is that the majority of property owners did not have flood insurance and relied on more limited federal disaster aid or government loans to recover,” says Carole Walker, executive director of the Rocky Mountain Insurance Information Association.

According to the Colorado insurance association, up to 20 percent of flood claims come from low to moderate risk areas. During the past 10 years, the average flood claim has amounted to over $33,000.

Source: RMIIA