Filed Under:Claims, Catastrophe & Restoration

Most Colorado Flood Victims Lack Flood Insurance

David Soleta and friend John Rice remove destroyed and contaminated walls from Soleta's father in law's home in Longmont, Colo. (AP Photo/Brennan Linsley)
David Soleta and friend John Rice remove destroyed and contaminated walls from Soleta's father in law's home in Longmont, Colo. (AP Photo/Brennan Linsley)

With property losses estimated to total nearly $2 billion, the majority of Colorado flood victims face vast financial hardships ahead, according to an article by USA Today.

Only 22,000 homes and businesses in Colorado have flood insurance, according to the Federal Emergency Management Agency. Boulder County, one of the 17 counties hit hard by record-breaking flooding last week, has 4,779 flood insurance policies, FEMA says. That's only a small fraction of the 77,000 detached single-family homes in the county, according to Census data.

"These are rare events so people think, 'It's not going to happen to me,'" says Robert Hunter, director of insurance for the Consumer Federation of America. He estimates that 10 to 25 percent of Colorado homes in high-risk flood areas have coverage.

Read more: Most Coloradans Lack Flood Insurance

Featured Video

Most Recent Videos

Video Library ››

Top Story

Will the auto insurance industry be obsolete in 20 years?

Self-driving cars and ride-sharing services could be the start of a trend toward the end of auto insurance as we know it.

Top Story

3 keys to a successful workers’ compensation fraud investigation

Workers' comp fraud is growing – here are the red flags to look for.

More Resources

Comments

eNewsletter Sign Up

Claims Connection eNewsletter

Breaking news on disasters, fraud, legal trends, technology, and CE initiatives for the P&C claim professional – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.