HOW MUCH IS FLOOD INSURANCE IN COLORADO?
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Colorado Flood Insurance Rates

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Yes Please shop my Flood Insurance
This blog will answer common questions that we get about flood insurance in Colorado, we will also share some statistics and links if you get really into the research for flood insurance in Colorado, This is our attempt to pull all the information you could be interested in specifically the cost of flood insurance in Colorado, we will also review the difference in Colorados NFIP policies and Colorados Private flood Insurance Market and finish up with Colorados Lloyd of London Flood Insurance companies. We would like to hear your thoughts so please share, comment, ask questions or if you want us to explore a topic further let us know. To keep it easy we have some quick jumps to sections that you might be interested in. Enjoy. Your flood Nerd. 


Does my Colorado homeowners insurance cover flooding?
Do I need flood insurance in Colorado?
What are my flood insurance options in Colorado?
Colorado NFIP flood insurance
Colorado private flood insurance market
How much does flood Insurance cost in Colorado?
5 things you need to know about flood insurance in Denver?
Colorado Flood Insurance calculator
Cost of flood insurance in Colorado? (click on your city to find the average)



Arvada, CO
Average Cost of Flood
Insurance $1,253

Aurora, CO
Average Cost of Flood
Insurance $620

Boulder, CO
Average Cost of Flood
Insurance $763

Longmont, CO
Average Cost of Flood
Insurance $1,053

Denver, CO
Average Cost of Flood
Insurance $968

Colorado Springs, CO
Average Cost of Flood
Insurance $783

El Passo County, CO
Average Cost of Flood
Insurance $783

Lakewood, CO
Average Cost of Flood
Insurance $866

Wheat Ridge, CO
Average Cost of Flood
Insurance $970

Durango, CO
Average Cost of Flood
Insurance $711

La Plata County, CO
Average Cost of Flood
Insurance $711

Golden, CO
Average Cost of Flood
Insurance $869

Jefferson County, CO
Average Cost of Flood
Insurance $869

Fort Collins, CO
Average Cost of Flood
Insurance $587

Northern Colorado, CO
Average Cost of Flood
Insurance $1,106

Larimer County, CO
Average Cost of Flood
Insurance $1,106

Loveland, CO
Average Cost of Flood
Insurance $1,106

Steamboat Springs, CO
Average Cost of Flood
Insurance $753

Telluride, CO
Average Cost of Flood
Insurance $661
Frisco, CO
Average Cost of Flood
Insurance $436

Dillion & Summit Valley, CO
Average Cost of Flood Insurance $436

Canyon City, CO
Average Cost of Flood Insurance $1,433
Greeley & Weld County, CO
Average Cost of Flood Insurance $1239
Sterling, CO
Average Cost of Flood Insurance $1,634
Aspen, CO
Average Cost of Flood Insurance $900
Grand Junction & Mesa County
Average Cost of Flood Insurance $821
Estes Park, CO
Average Cost of Flood Insurance $649
 Gunnison, CO
Average Cost of Flood Insurance $886
Winter Park, CO
Average Cost of Flood Insurance $584
Manitou Springs, CO
Average Cost of Flood Insurance $1,829
Vail, CO
Average Cost of Flood Insurance $554
Basalt, CO
Average Cost of Flood Insurance $651
Douglas County, CO
Average Cost of Flood Insurance $463
Littleton, CO
Average Cost of Flood Insurance $1,189
Centennial, CO
Average Cost of Flood Insurance $524
Westminster, CO
Average Cost of Flood Insurance  $600
Broomfield, CO
Average Cost of Flood
Insurance $817
Boulder County, CO
The average cost of flood Insurance $910
Fremont County, CO
Average Cost of Flood Insurance $962
Garfield County, CO
Average Cost of Flood
Insurance 
$713
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Does homeowner insurance cover flooding?

A typical Colorado homeowners policy could be written through Farmers, State Farm, Allstate, and Progressive, for instance, exclude flooding as something that will be covered under their homeowner’s policy.

In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can get an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.

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Flood Insurance rate maps can be as old as 40 years out of date
Flood Insurance Rate Maps

Do Need flood insurance in Colorado?

It is important to have flood insurance coverage in Colorado because our beloved state has seen is a fair share of flooding.

Most Homeowners who own property Colorado think about flood insurance at some point in their lives, maybe before buying a home, or during the closing process, however many of us only think about it when a big storm is looming or we have heard on the news that there is flooding forecasted.

Sadly this is too late.

If your home or business is in a flood zone that is considered low flood risk area. Many homeowners decide to forgo purchasing coverage. And many real estate agents and some insurance agents say you don’t need it.

You should know, however, that 20-percent of all flooding events across our nation come in areas that are considered low risk.

In fact that l last few major storms there was flooding in these low-risk areas an 90 percent of all those poor individuals that had water in their home or building didn’t have flood insurance coverage.

We hear often that people believe that the government will help them and this can be true, however, there are a few things that must align for you to get government assistance.

1) The president of the united states must declare the flooding event as a state of emergency if this doesn’t happen then there won’t be assistance.

2) The average amount of assistance that homeowners get after a flood when they do not have flood coverage is $5,000, the average cost of damage to one’s property after a flood is $38,000+

Oh, and that $5K you get from the government? It comes in the form of a loan (SBA) – you will need to pay it back.

Are you willing to gamble away your financial future by forgoing flood insurance coverage?

flood insurance Maps can be as old as 40 years
Colorado Flood Insurance Rate Map
https://www.bloomberg.com/graphics/2017-fema-faulty-flood-maps/

One more note on these low-risk flood zone maps.

Many of them are over 40-years old. If the area has been developed then there is likely more concrete creating a barrier for land that might have absorbed the massive downpour.

Because of all these factors, it is really difficult for property owners to know their true risk of flooding.

FEMA admits that their flood maps only give an “idea” for “part of the risk”.

Our recent storms are facts that it can rain anywhere within Colorado and you should consider getting flood coverage so you are not uninsured when you need it. 

Fema flood zone maps often take years (2 – 5 years) to go into effect after the terrain was actually studied, this gives the impression that the area is “more up to date” then it really is.

The average cost for flood insurance in Colorado in these Low-risk areas is $405 – $700 per year.

FEMA’s National Flood Insurance Program (NFIP), and all federally backed lenders rely on these maps to assess risk, set premium and determine who is required to purchase flood insurance. Bad information about an area’s flood risk can leave property owners under or uninsured.

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What are my flood insurance options in Colorado?


Colorado NFIP flood insurance.

There are many options available in Colorado in regards to flood insurance but they basically fall into two main categories.

1_The National Flood Insurance Program (NFIP) also known as FEMA which is the Government option for flood insurance and has enjoyed a 50-monopoly on the flood insurance market.

Not private flood insurance but NFIP Resellers

If you have Nationwide flood insurance, State Farm Flood Insurance, Progressive Flood Insurance or any of the of the logos below then you are buying the NFIP flood policy that is just being resold through a government program called the Write Your Own.

State Farm Flood Insurance and the FEMA policy
Nationwide Flood Insurance of NFIP

These companies are private companies but the flood insurance policy is not. Here is a list of the 70 companies that resell the NFIP policy.

https://www.fema.gov/wyo_company

Colorado private flood insurance market

Lloyds of London flood Insurance quote
A Lloyds of London Flood insurance quote might make sense for you

There are alternative to the NFIP or government insurance and this is called Private flood insurance most notably Lloyds of London Flood insurance, however, there are other options available in Colorado. We shop all the options for your property in your region to ensure you are getting the best premium if you are ready to have us do the work for you click here.

Our shopping does include the NFIP because sometimes we find that with government subsidies you can get a much better premium.

Yes Please shop my Flood Insurance

Lloyds of London flood Insurance Colorado Market

Colorado is fortunate to have many Lloyds of London flood insurance options. Although many Lloyds of London flood insurance companies will have you assume that they are the only option aavailable nothing could be further from the truth.

Lloyds of London has a rich history and is attributed to have invented the very first modern insurance model. Unlike most of its competition, Lloyds of London is not really a company but rather a corporate body, this structure works quote well obviously since it has been around for over 330 years. Lloyds operates under multiple financial backers that all pool their capital to spread the risk.

I have two blog post that takes a deep dive into Lloyds of London and what they mean to Colorado’s flood insurance market if you are interested links are below.

https://www.betterflood.com/blog/lloyds-of-london-flood-insurance/

https://www.betterflood.com/blog/nfipvsprivate/

Lloyds also insures the world for flood insurance meaning they cover flooding events in India, Australia as well as much of Europe, you see the “game” of insurance is to spread your risk since Lloyds is worldwide they can easily do this.

My joke here is that Lloyds is banking on Gods promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole worlds flood claim.

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Yes Please shop my Flood Insurance

How much does flood insurance cost in Colorado?

There are many factors that go into getting the Cost of flood insurance for Colorado. If your home is located in what is considered low-to-moderate risk.

$250K (Residental) /$500K (commercial) Building
NFIP Maximum Coverage Limits

Colorados low-to Moderate Risk rate and cost.
(This is Flood Zone X) which is not lender required flood zone.

This is usually identified as an X-flood zone then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see grid below)

Here a link if you want to really dig into this one. Be ready for an eye chart because every option is public record and should be standardized accost whoever writes these policies. FEMA RATE CHARTS

The average cost for flood insurance in Colorado with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.  

AE flood Insurance Rates for FEMA
FEMA High-risk Rates


If for the property is in higher-risk flood zone usually identified with a Flood zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in Colorado depends on many factors that are unique to the home. We are going to try to give you an idea for the most common homes we see in Colorado with basements.

We will look at the cost of flood insurance for the NFIP maximum $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.

We will be rating all this example on the NFIP as well as on a few of our Lloyds options.
Cost of Flood Insurance in Colorado in high-risk flood zone AE.

Our example is in Arvada but the premiums will be the same if in Boulder, Denver, Wheat Ridge, Lakewood, Golden, and many other Colorado flood zones.

In our example, the Base Flood Elevation (BFE is 5368) and is a home that is built before 1973

NFIP option in Colorado Flood Zone AE

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

NFIP Annual premium in High-Risk flood zone is $2,541

This option is what we see if the property has had a flood loss before, an either doesn’t have an Elevation Certificate applied or the Elevation certificate showing that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property

How much does Colorado private flood insurance cost? – Lloyds of London Flood Insurance in Colorado
(option 1)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyds of London Colorado (option 1)  Annual premium in High-Risk flood zone is $849.75

This option is great and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept, and will not take anything that has had a flood loss. They do offer coverage for basements (one of the few). This policy also has about $2,000 for loss of use. $2,000 for other structures can’t increase this coverage, so if you have a larger structure please speak with your agent about how to increase this coverage or maybe get a separate policy for this “other structure” on your property. They do not require an Elevation Certificate to rate.


Colorado Private flood insurance – Lloyds of London Flood Insurance (option 2)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyds of London (option 2)  Annual premium in High-Risk flood zone is $1050.75

This option is great and we are very happy when we can get this option for our clients as well. They seem to be writing almost all risks, however, they do not write any property that is in a designated floodway or has the depth of -4 under the BFE in our example with our BFE being 5368 if the lowest floor is 5364 then they will not accept this risk, they will not take anything that has had a flood loss. They do offer limited coverage for basements about 2% of the building coverage (this is better than the NFIP but not exactly what we would like to see – better than nothing though). They do not require an Elevation Certificate to rate. And as a percentage of coverage for loss of use usually 10% of coverage. If you want coverage for other structures than that will need to be added and can be easily done on this policy. Note make sure to tell your agent if there are any other structures on the property if the policy doesn’t have that written on the policy there will not be coverage for any other structure. 


Private Flood insurance option (option 3)
Colorado Private flood insurance (option 3) Not Lloyds,

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Annual premium in High-Risk flood zone is $2358.79

This option will take properties that have had one flood loss before as long as it has been more than five years and the payout was under $100,000 on the claim. Their coverage matches the NFIP.  Will write practically all risks, don’t need an elevation certificate to rate and are a bit lower in premium than the NFIP.

Private Flood insurance – Lloyds of London Flood Insurance (option 4)

This option has to be written on the replacement cost of the building otherwise there is a co-insurance penalty that kicks in. So $250,000 might be a bit low in Colorado but to keep this going let’s just use that for this option

Coverage of $250,000 (RCV) building coverage, 20% Contents coverage standard, 10% other structures and 10% loss of use and $5,000 deductible

Annual premium in High-Risk flood zone is $1,637.70

This option will consider taking a property that has had one flood loss before as long as it has been more than five years and the payout was under $50,000 on the claim. Their coverage must be at Replacement cost which is a bit different from some of our other Lloyds options we usually reserve this one if the property doesn’t fit into any of our option above. We can adjust coverages to control premium. Will write practically all risks, don’t need an elevation certificate to rate and are a bit lower in premium than the NFIP and some of our other private flood market options they are only in Colorado.

Yes Please shop my Flood Insurance

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SHFA


Things you need to know about flood insurance in Colorado?

Flood Insurance quotes in Colorado

COST OF FLOOD INSURANCE IN COLORADO

Currently, Colorado has 21,035 NFIP policies in force to date with the total cost of $17,996,733 that would make the average for our state $855.56, of course, some will pay more and some will pay less.


COST OF FLOOD INSURANCE IN ARVADA, COLORADO

The city of Arvada had 417 flood NFIP Flood policies with $522,770 written premium, making Arvada’s average premium around $1,253. Arvada, the private market could be a better solution for you.

Click here to have us shop and save you money.


COST OF FLOOD INSURANCE IN AURORA, COLORADO

Aurora, Colorado you have about 302 policies with the premium amount of $187,491 written premium. Aurora typically has newer homes that should be built to flood code so if you are paying more then $620 Aurora’s average then you let us shop your policy to see if we can get you a better price.


COST OF FLOOD INSURANCE IN BOULDER, COLORADO

The city of Boulder, Colorado you are leading the state in flood policies with 4,456 and the premium on NFIP’s books is $3,401,225. I think the reason that Boulder has so many is that being built right on the foothills and so close to the mountains the water will run off much quicker in a tighter area, also much of the city of Boulder was built before the country really understood flood plain management. The average in your area is $763. If you are paying more then this it would be a good time to let us Nerds shop your policy.

Click here to have us shop and save you money.


If you're a homeowner, having a flood insurance policy is a must.COST OF FLOOD INSURANCE IN LONGMONT, COLORADO

Oh, how I love Longmont what a neat and growing area if you can’t afford Boulder. There’s always Longmont. There are 416 flood policies in this community and the $438,324. I know we can do better than the average cost of flood insurance premium with the NFIP policy being $1,053 I would like to see you guys at around $759 so let’s work together on that.


COST OF FLOOD INSURANCE IN DENVER, COLORADO

Our wonderful Capital Denver with the golden dome has 1,286 flood policies with the NFIP and you are writing a check for $1,245,194. Your average premium should be around $968 if you are paying more well give us a call 1-866-990-7482 and let’s see if one of our 15 private flood insurance options can do better.


COST OF FLOOD INSURANCE IN COLORADO SPRINGS, COLORADO

The city of Colorado Springs has 1,534 flood policies and El Paso County has 609 and are paying the combined NFIP premium of $1,647,270 that brings your average to $783 although I see many of our clients in this area are overpaying and we have saved many of them over 700 by shopping them into one of our private flood insurance options. We also find that by correcting other agents work the NFIP premiums can be better if the property is rated correctly. You should really work with an expert in flood insurance. I know one he is called the flood nerd.

Click here to have us shop and save you money.


COST OF FLOOD INSURANCE IN LAKEWOOD, COLORADO

City of Lakewood where we have our home office has 380 NFIP policies and $329,271 in premium. The average premium in Lakewood CO is $866.50 if you are paying more search private flood insurance in Colorado or just click this link to fill in our intake form.


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COST OF FLOOD INSURANCE IN WHEATRIDGE, COLORADO

Wheatridge running with clear creak has some of the best natural parkways 243 of your properties are in the mandatory flood insurance purchase. Wheatridge is also where a lot of young professionals have purchased their first home. $235,935 is what the government is being paid for flood insurance bring the average cost of flood insurance in Wheatridge to $970 I would be honored if I can get your premium lower for you.


COST OF FLOOD INSURANCE IN DURANGO, COLORADO

La Plata County and Durango you have 970 combined and are paying the average of $711. Totaling $689,753. We have also seen that we can help this area with flood cost.


COST OF FLOOD INSURANCE IN GOLDEN, COLORADO

Golden and Jefferson County Colorado combined has 549 NFIP active policies and is paying the annual premium of $477,137  with the average being $869 if you are paying this or more we likely can help you find a Colorado private flood insurance policy that is easier on your finances.


Lloyds of London Flood Insurance Jumping in

COST OF FLOOD INSURANCE IN FORT COLLINS, COLORADO

Fort Collins is the Nations best-mitigated community well done you saved the 375 policies paying $220,182 bringing the average policy in Fort Collins Colorado to $587 so it pays to do flood mitigation, in fact, the last few majors storms that caused flooding in Northen Colorado not a single property that is in the high risk flood zone flooded. WOW, unfortunately, the flood waters had to go somewhere and many of the surrounding communities in areas that are considered low to moderate risk flooded so many of the homeowners that thought they were safe from flooding because they are in a low-risk flood zone. Basically, mitigation changes the flood plain. So if I were you and had property in Fort Collins I would buy a preferred rate flood (PRP) insurance policy for about $500 bucks to sleep better at night. We write PRP call us to get yours today.

 

Yes Please shop my Flood Insurance

COST OF FLOOD INSURANCE IN LOVELAND, COLORADO

Larimer County and the City of Loveland hopefully you haven’t’ forgotten the damage that was done in 2012 with the Big Tompson river it was considered the 100-year flood but that same region flooded 38 years prior (look it up). There are 697 flood policies in this area and the average flood insurance policy with the NFIP is Loveland or Larimer County is $1,106. Total being $771,086.


COST OF FLOOD INSURANCE IN STEAMBOAT SPRINGS, COLORADO

Steamboat Springs in the Fall is so beautiful with all the aspens. They have 290 flood insurance policies and are paying a total of $218,658. That would make the average flood insurance policy in Steamboat spring $753 if you are paying more call us. 1-866-990-7482


COST OF FLOOD INSURANCE IN TELLURIDE, COLORADO

Town of Telluride is so cute and quaint there are 465 flood policies in this valley $307,376 is what is shipped to Washington for the flood coverage. The average should be $661 but we find that many are paying more than they need to. We can help if you want us to shop your premium and save you money for that new set of skis.  


COST OF FLOOD INSURANCE IN FRISCO, COLORADO

Town of Frisco has a river dividing it coming right out of a tight valley on its way to filling Denver’s drinking water in Dillon Colorado combined with Summit county there are 380 NFIP flood paying properties. The average premium is coming in at $436 which would be great if you can get it I think though this number is low because there are many properties that are not insured because they are covering the minimum  to suffice the lenders, as well as many properties not having a mortgage owners, have chosen to forgo the flood insurance policy thinking they are never going to flood anyway. I hope they don’t but statistics are not in their favor if there are any considering the risk and want to see what you can get let us shop for you.


Other cities and county that are worth mentioning are Greeley and Weld County with 341 flood policies. Aspen and Pitkin county with 252, Grand Junction and Mesa County with 270, Sterling with 140, Estes Park with 212, Gunnison with 133, Winter park with 129, Manitou Spring with 187, Vail with 164, Basalt with 148, Douglas county with 241, Littleton with 130, centennial with 172, Westminster with 106, Canyon City 125. 

Yes Please shop my Flood Insurance


below is a source where I got all this data.


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Flood Insurance calculator colorado

For five decades, the NFIP has over-charged half (50 percent) of its policyholders and under-charged the other half (50 percent,) while it has racked up $42 billion in taxpayer-funded losses, equating to more than half of every claim paid by the NFIP since 1978.

About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures year after year. When you do the math, this means that the other 97 percent of their flood-exposed constituents could have paid in less and still netted larger claims payouts if they had better access to private flood insurance. In fact, a recent white paper by Milliman found that 90 percent of homes in Sandy-struck New York and New Jersey would see reduced flood insurance rates through private insurers.

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ROBERT MURPHY
Robert Murphy is the Founder of Better Flood Insurance a nationwide Flood Insurance Agency. He is a flood nerd, is passionate about education around the need for Flood Insurance.
We shop all options to make sure we are getting our clients the best coverage at the best price.

References and Sources

https://bsa.nfipstat.fema.gov/reports/1011.htm#COT
https://www.fema.gov/average-claim-payments-date-loss
https://www.fema.gov/national-flood-insurance-program
https://www.fema.gov/media-library-data/1486576697135-ac6348fb2a3d98ceba33cf3f38422dbc/Claim_Loss_Counts_Sept2016.pdf
https://www.fema.gov/media-library-data/1458666638945-d752cb148ef1348b4b1c22acec66a0bd/Claim_loss_count2015.pdf
https://www.fema.gov/media-library-data/1393877884619-3091f75bf9d46a26f5beb7d423c34529/Total_Claim_Count_fy2013.pdf
https://www.weather.gov/safety/flood-states-co
https://www.udfcd.org/FWP/ebb/bear_history.html
https://www.denverpost.com/2014/09/06/colorado-re-emerging-from-2-9-billion-flood-disaster-a-year-later/
http://www.assessment.ucar.edu/flood/flood_summaries.html
https://www.fema.gov/media-library-data/1523307331106-4cf9726b2eb04c3471a3e9d37a58fa6a/09_prp_508_apr2018.pdf
https://bouldercolorado.gov/flood/floodplain-maps