Finding flood insurance to protect your home in Arvada, CO requires some consideration for the flood zone where you live. The zone can contribute to your insurance premium and may also explain the reason that you may find it hard to find a policy that addresses your concerns.
What is the Flood Map?
A flood zone refers to any area that is identified on a flood map as a potential risk. The map provides details regarding the risk level associated with a particular area based on rivers, lakes, water sources and even the proximity to the ocean.
During a storm, the likelihood of flooding in the area may vary. For example, if you live in a valley, then you are more likely to face flooding than when you live at a higher elevation. The same is true if you live near a river and there is a risk of flooding from the river.
How it Impact Premiums
The map and zone details can contribute to your insurance premium by determining the level of risk and helping the insurance company evaluate the possibility of a claim. A high risk of a claim means that you are more likely to pay a high premium. A low risk based on your location and the zone where you live can mean that your rates will be reasonable. The cost of your policy is often directly related to the level of risk associated with the area.
Flooding is a complicated problem that can impact a variety of homes. Even if you are approved for coverage, living in an area with a high risk of flooding will impact your rates by making you pay more. Contact us to speak to an agent for more details about your options.