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

Comments

Resource Center

View All »

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

Get $100 in leads with $0 down!

NetQuote's detailed, real-time leads have boosted sales for thousands of successful local agents across the...

The Growing Role of Excess & Surplus Lines in Today’s...

The excess and surplus market (E&S) provides coverage when standard insurance carriers cannot or will...

Increase Sales Conversion with this Complimentary White Paper

This whitepaper will share proven techniques - used by many of the industry's top producers...

D&O Policy Definitions: Don't Overlook These Critical Terms

Unlike other forms of insurance where standard policy language prevails, with D&O policies, even seemingly...

Environmental Risk: Lessons Learned from Willy Wonka and the Chocolate...

Whether it’s a chocolate factory or an industrial wastewater treatment facility, cleanup and impacts to...

More Data, Earlier: The Value of Incorporating Data and Analytics...

Incorporating more data earlier in claims lifecycles can help you reduce severity payments by 25%*...

How Many Of Your Clients Are At Risk Of Flood?

Every home is vulnerable to flooding. Learn four compelling reasons why discussing flood insurance with...

Gauging your Business Intelligence Analytics Capabilities and the Impact of...

Big Data, Data Lakes and Data Swamps, How to gauge your company's Big Data readiness....

Extending Contact Center Capabilities Across the Insurance Enterprise

Today advancements in technology are making a big impact on business and society. To yield...

Claims Connection eNewsletter

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

Claims-Handling Guidelines

Claims Magazine is providing the following free guidelines and regulations in order to help adjusting professionals stay abreast of each state’s unique property and casualty claim-handling requirements.

View our State Guidelines »

Advertisement. Closing in 15 seconds.