Unless you have purchased Flood Insurance, your Business Property and/or Homeowners’ insurance policies may not (and likely will not) cover your water damage as a result of the Boulder flood – and might not cover other types of water damage.
Flood Damage vs. Water Damage
- A nearby river overflows and washes into your home or business;
- A heavy rain seeps into your basement because the soil can’t absorb the water;
- A heavy rain or flash flood causes a landslide/mud slide that that damages your property.
Non-Flood Water Damage:
- A heavy rain soaks through the roof, resulting in water to drip through the ceiling causing damage to your property;
- A broken water pipe spews water and causes damage to your property.
This past week will be remembered for a long time as the “Boulder Flood” – but that name does not necessarily mean the water damage to your property was caused by the “flood.” It’s important that you read your policy carefully to understand what is covered; what is not covered; the dollar limits of your coverage; and, the amount of any deductible. Also, if you operate your business or live in leased space, your landlord may well have insurance coverage in place to cover the building, so it is important to review your lease and promptly notify your landlord of your loss.