Residents in Colorado affected by recent wildfires could be eligible for an exception from the 30-day waiting period usually required for flood insurance coverage, according to the Federal Emergency Management Agency.
The Biggert-Waters Flood Insurance Reform Act of 2012, signed into law recently by President Barack Obama, increases access to the National Flood Insurance Program for some residents whose homes were impacted by flooding from federal land that resulted from wildfires.
The new law exempts these residents from a 30-day waiting period for flood insurance coverage to become effective. Eligibility for the exception is determined on a case-by-case basis.
“Everyone should know their flood risk and make a smart decision based on their risk on whether they should join the millions of Americans who have purchased flood insurance for their homes,” David Miller, associate administrator of the Federal Insurance and Mitigation Administration, said in a statement. “Residents impacted by wildfires might live in an area that doesn’t usually have a high risk of flooding, but the fires and dry soil change conditions dramatically. This new law provides a way for people with a heightened risk of flooding following a wildfire on federal land to protect their homes and businesses, and we encourage them to explore this option.”
Individuals and businesses purchasing new flood insurance policies are typically required to wait 30 days for their flood insurance coverage to become effective.
The change created an exception to that requirement for properties that are affected by flooding on federal land where flooding is caused or exacerbated by post-wildfire conditions on federal land. Flood insurance must have been purchased no later than 60 days after the wildfire containment date.
Floods are the number one natural disaster in the U.S. in terms of lives lost and property damaged, according to FEMA. The NFIP provides a way for property owners to financially protect themselves against flooding, which typically isn’t covered by standard homeowners insurance.
The NFIP offers flood insurance to homeowners, renters and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.
For our in-depth look at flood insurance, see our story: “When the waters rise: The need for flood insurance.”
