Flood Insurance and the National Flood Insurance Program (member since 1978)
Boulder joined the National Flood Insurance Program (NFIP) in 1978. The NFIP, a FEMA program, enables property owners in participating communities to purchase discounted flood insurance. These communities implement specific measures to reduce the impact of floods.
Required measures include:
The NFIP's Community Rating System (CRS) is a voluntary incentive program that recognizes and encourages community floodplain management activities that exceed the minimum NFIP requirements. Participating communities receive a class rating ranging from 1 to 10, based on their additional efforts to reduce flood hazards. A Class 1 rating lowers flood insurance premiums by 45 percent while a Class 9 rating receives a 5 percent discount.
Boulder has been participating in the CRS since 1992 and currently has a Class 5 rating that provides a 25 percent reduction in local insurance premiums.
Flood Insurance - Frequently Asked Questions
Most standard homeowner's insurance policies do not cover flood damage. The NFIP allows Boulder residents to purchase flood insurance for structures, as well as their contents. Renters can purchase insurance to cover building contents, such as personal possessions.
Any local insurance agent can sell a flood insurance policy and legally must charge the same rate. There is a 30-day waiting period before flood insurance takes effect.
If you have a federally-backed mortgage for your property, you are required to have flood insurance. Your mortgage lender is responsible for determining if the property is located in a floodplain and for advising you, in writing, to purchase flood insurance.
If your agent does not write flood insurance or you don't have an agent, contact the NFIP's toll-free number to find an agent in your area who does write flood insurance. Call 1-888-FLOOD29 or TDD# 1-800-427-5593. For more information, visit the NFIP website at floodsmart.gov.
When purchasing flood insurance, the insurance agent may ask for an Elevation Certificate or Floodproofing Certificate. These certificates identify flood protection measures that may have been incorporated into building construction and are used to determine the annual premium costs for a flood insurance policy.
Only Elevation Certificates apply to residential structures, since FEMA does not recognize flood proofing measures in residential construction. If the lowest floor of a dwelling and its associated structures are located above the predicted 100-year flood elevation, flood insurance premium costs are reduced. In Boulder, new residential construction requires that the lowest floor and associated structures be constructed a minimum of two feet above the predicted 100-year flood elevation.
Elevation Certificates must be prepared and certified by a Colorado-registered professional land surveyor. Floodproofing Certificates must be prepared and certified by a Colorado-registered professional engineer or architect.
Last Updated on Friday, 15 March 2013 17:14