When you buy a home in Littleton, CO that lies within a flood zone marked A or V, you legally must purchase flood insurance. The Federal Emergency Management Agency (FEMA) maps flood risk throughout the US and identifies properties as falling within one of 18 flood zones.

You don’t have to study a map to determine which zone your property lies within. Your home purchase documents identify the property as a flood risk if it sits in zone A or V.

Your bank will typically require you to purchase a flood insurance policy before moving into your new home. Although legally, once you pay off your mortgage, you could drop your flood coverage, Front Range Insurance Services encourages you not to do so.

Floods happen every day throughout the US. The average flood cost per homeowner is $43,000. That’s what it costs to repair the water damage, rebuild and replace furniture, clothes, and other home contents. If you don’t want to spend $43,000 to replace nearly everything you own, keeping the flood insurance after paying off your mortgage makes good sense.

As long as your bank or other lending institution holds Federal Deposit Insurance Corporation (FDIC) coverage, you must carry a flood insurance policy if your property falls within a high-risk flood zone, just as it will require homeowners’ insurance.

Contact Front Range Insurance Services in Littleton, CO, about getting flood insurance for your home or business. Ask us about contents only or structure only coverage if you rent your domicile or offer your home for rent. Let us help you get the coverage you need to meet the law’s requirements and protect your financial investment.