NEWS BRIEF
Pinching Insurance Pennies Can Help Consumers Tighten Their Belts in Bad Economy
July 31, 2008 — It’s estimated that most consumers could save more than 20% on insurance if they took simple steps such as raising deductibles, comparison shopping and taking advantage of discounts. More...
Rocky Mountain Insurance Information
NEWS
6565 South Dayton St. #2400, Greenwood Village, Colorado 80111
Serving Colorado, New Mexico, Utah & Wyoming
Contact: Carole Walker, Executive Director
(303) 790-0216 or 1-800-355-9524
Release Date: Immediately
Topic: Catastrophes
HOMEOWNERS IN WILDFIRE IMPACTED AREAS ARE AT HIGHER RISK FOR FLOOD & MANY HAVE NO INSURANCE COVERAGE.
July 23, 2002 –Now that wildfires have left behind thousands of acres of charred, barren land, the next major concerns for Colorado homeowners in those burned out areas are flooding and mudslides. Residents in these areas need to be aware that standard homeowners and renters insurance policies don’t cover flooding or damage resulting from mudslides. Since mountain communities are less likely to be in a flood plain, homeowners and renters may not have considered separate flood coverage in the past or even been aware of the need to purchase a special flood policy. The good news is that residents not located in a flood plain are eligible for a Preferred Cost Policy that has the same coverages as a flood policy, but is less expensive.
Flood insurance can be purchased through your insurance agent or company representative, but must be in place 30 days in advance of the flood. So if you are concerned about the heightened risk, now is the time to check into flood insurance. “It’s estimated that 30% of flood claims are filed in low risk areas,” says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. “So, all homeowners need to at least consider purchasing additional flood coverage.” Flood insurance is funded federally through the National Flood Insurance Program and your community must participate for you to be eligible.
BEFORE THE FLOOD
- Know the elevation of your property in relation to nearby bodies of water. If your home is not on high ground, know where high ground is and how to get there quickly.
- Keep apprised of weather conditions both where you are and upstream. Distant rain or snowmelt can cause a raging torrent headed in your direction in minutes.
- Be aware of flood watches and warnings. If a flood watch or warning has been issued, move your family (and belongings, if there is time) to high ground. In some cases, flood insurance will reimburse the costs you incur for moving and temporarily storing the contents of your home.
- Remember: Your homeowners insurance policy does not cover flood damage. If you decide to buy a flood insurance policy, which is the only type of policy that covers flood damage, consider insuring your home for 100 percent of replacement cost and buying insurance to cover the contents of your home, as well as the dwelling.
DURING THE FLOOD
- Do not attempt to cross a flowing stream on foot if the water is above your knees.
- Do not try to drive over a flooded road. If the vehicle stalls, you and the vehicle may be swept away.
- Abandon a stalled vehicle immediately.
- Avoid traveling at night, when flood dangers are more difficult to recognize.
AFTER THE FLOOD
- Contact your insurance professional immediately.
- Stay away from disaster areas so you don’t impede rescue efforts and other emergency operations.
- Drink only boiled water, and discard any fresh food that may have been contaminated by floodwaters.
###
Rocky Mountain Insurance Information Association is a non-profit consumer information organization. Affiliated with the Insurance Information Institute, RMIIA has been serving consumers and the media since 1952.
How Medical Bills are Paid After an Auto Accident
When you buy auto insurance you need to think about what actually happens when you're in an accident and need to use it...
Updated:
February 28, 2007 1:52 PM
© Copyright Rocky Mountain Insurance Information Association
7951 E. Maplewood Avenue, Suite 130 • Greenwood Village, Colorado 80111 USA
(303) 790-0216 or Toll Free (800) 355-9524
Legal notice, Disclaimer & Terms of Use