Flood Insurance

Flood Insurance and the National Flood Insurance Program (member since 1978)

• Overview
• Community Rating System
• Flood Insurance
• Elevation and Floodproofing Certificates
  • Search for an Existing Flood Elevation Certificate
    
    
• FEMA urges citizens to purchase flood insurance now - March 16, 2009

Boulder joined the National Flood Insurance Program (NFIP) in 1978.  The NFIP is the Federal Emergency Management Agency (FEMA) program that enables property owners to purchase flood insurance in communities that agree to implement measures to reduce flood impacts.

Required measures include adoption of a federal Flood Insurance Rate Map (FIRM), local floodplain regulations, floodplain development permits, inspection for compliance, maintaining records of floodplain development, helping residents obtain flood information, floodplain master planning, and storm water maintenance activities.  The first FIRM for Boulder was effective on July 11, 1978.

Community Rating System

The NFIP established the Community Rating System (CRS) in 1990 to reward communities doing more than the minimum NFIP requirements to prevent or reduce flood losses.  The CRS is intended to provide incentive for communities to adopt higher flood management standards than NFIP minimums.  Under the CRS, flood insurance premium rates for the community are adjusted to provide credit for additional community efforts to reduce flood hazards.  Non-regulatory activities, such as floodplain acquisition programs, community-outreach and flood education programs, early warning systems and advanced floodplain mapping, also earn credit.

The CRS operates under a point system, similar to local fire department ratings used to adjust standard homeowner insurance premiums, and results in a community receiving a certain Class rating.  A Class 1 rating would reduce flood insurance premiums by 45 percent while a Class 10 rating receives no reduction.  Boulder has been participating in the CRS since 1990 and currently has a Class 7 rating that provides a 15 percent reduction in local insurance premiums.

Flood Insurance

Most standard homeowner's insurance policies do not cover flood damage. The National Flood Insurance Program allows Boulder residents to purchase flood insurance for structures and for contents. Any local insurance agent can sell a policy and legally must charge the same rate. Many property owners have purchased flood insurance for a building because it was required for their mortgage. Flooding will affect both the building and its contents, so people buying or renting property may want to purchase content insurance to cover personal possessions. Don't wait for the next flood to buy insurance - there is a 30-day waiting period before flood insurance takes effect.

Flood insurance is required for property owners that have a federally backed mortgage for their property.  The mortgage lender is responsible for determining if a property is located in an area of special flood hazard, and is then responsible for notifying the mortgagee in writing to purchase flood insurance.  Lenders frequently employ the services of a Flood Zone Determination Company to determine the location of properties with respect to local floodplains and whether there is a need to obtain flood insurance.

If your agent does not write flood insurance or you don't have an agent, you may contact the National Flood Insurance Program's (NFIP) toll free number to obtain the name of an agent in your area who does write flood insurance.  The number is 1-888-FLOOD29 or TDD# 1-800-427-5593.  FEMA also offers an excellent NFIP Web site for consumers, insurance professionals, surveyors and lenders. For more information, visit Floodsmart.gov.

Elevation and Floodproofing Certificates

• Search for an Existing Flood Elevation Certificate

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 and associated appurtenances for a dwelling 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 appurtenances 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 Thursday, 09 April 2009 09:01