Spring flood season will soon revisit the citizens of Colorado, prompting the Colorado Water Conservation Board to issue its annual reminder that individuals and business owners should consider purchasing federal flood insurance if they have not already done so.

According to Larry Lang at the CWCB, Colorado experiences at least one 100-year flood event every year.

Although Colorado’s snowpack this year is lower than average, property owners should be aware that most flood-related damages are the result of floods caused by sudden thunderstorms, rather than by spring run-off. Colorado averages $14 million annually in flood damages.

Colorado currently has 14,663 flood-insurance policies in force with a coverage of nearly $2 million. You can purchase flood insurance at any time. However, there is a 30-day waiting period after you’ve applied and paid the premium before the policy becomes effective, with the following exceptions:

• If the initial purchase of flood insurance is in connection with the making, increasing, extending or renewing of a loan, there is no waiting period.

• If the initial purchase of flood insurance is made during the one-year period following the issuance of a revised flood map for a community, there is a one-day waiting period.