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Flood insurance that will save you money and stress.

By Paula Vargas, Reporter, paula.vargas@krdo.com
Published On: Aug 06 2013 08:05:58 PM CDT

Getting insurance for your home will save you money and stress. Talk with a license professional to determine if you live in a flood zone and require insurance.

COLORADO SPRINGS, Colo. -

Residents near the Monterey Road and Shenandoah Drive are cleaning the mess left behind from the heavy rain that fell around Colorado Springs.

“It completed flooded my entrance way,” said Issequen as she stood in the doorway of her garden level apartment.  Her fan in full effect blowing out the musty smell lingering inside the water damaged walls.

“The water brought a lot of mud and dirt and a bad smell (into her unit), said Issequen.  “I never thought it would happen to me.”

Uninsured, Issequene began calling insurance agents to learn what policies best suited her home.

“Once the flood happens, you can’t get flood insurance for that event,” said Brandon Kolk, Insurance agent.  But once a policy is purchased there is a 30-day waiting period.  “There are exceptions but you have to talk to an agent about those.” Said Kolk

The best option for homeowners and renters is to sit down with a licensed agent who can map out their location and determine if the address is in a flood area that is prone to flooding.

Flood insurance is not automatically covered under the umbrella of homeowners or renters insurance.

Additional coverage is required.  “Typically it is something that is specifically excluded and that is surface water and flood waters.” said Kolk.

The National Flood Insurance Program policy offers coverage specifically tailored to homeowners or renters.

A policy that covers catastrophes on top of what your regular homeowners or renters insurance already covers.  This is an option referred to as double-cap insurance, extended insurance or extra replacement costs.

Kolk said licensed agents know it as the optional I.D increase dwelling insurance policy.  The policy covers an extra percentage above what your home is already insured for.

“Everybody should have that build into their policy,” said Kolk.

 If your home is valued at $200,000, for example, the optional I.D coverage would cover 20 percent what your home is insured for explained Kolk.

“We are here to protect your wallet,” said Kolk.

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