The Colorado Department of Regulatory Agencies published a consumer advisory recommending that victims of the Alexander Mountain Fire and residents in the area should strongly consider getting flood insurance.
The Department is informing consumers that in the aftermath of a wildfire, there is an increased threat of flooding since the fire destroys vegetation that would normally absorb rainfall and runoff. A typical homeowners insurance policy does not provide coverage for flood damage, so consumers would need a flood policy for coverage.
There is typically a 30-day waiting period for new flood policies to go into effect, but there may be an exception made if certain conditions are met. According to FEMA and the NFIP, an exception to the waiting period may be made for consumers who buy flood insurance within 60 days after a wildfire if the following conditions are met:
- The insured property is privately owned
- Wildfires on federal lands caused or worsened the risk of flooding
- The policyholder purchased the coverage either before the fire containment date or within 60 days after the fire containment date
The news release can be found here.