Illinois Flood Insurance

Did you know that even a few inches of water can cause serious damage in your home? Damage that could cost thousands of dollars in repair and restoration costs? In Illinois, flood insurance is extremely important because it provides protection from destruction and financial devastation — and it’s not included in homeowners’ insurance policies, so it must be obtained separately.

 

Although it may not seem as necessary as homeowner’s insurance, flood insurance is important if you want to keep your home safe and your possessions secure. Flood coverage offers protection against losses that result from heavy and lengthy rain falls, storm surges, blocked storm drainage systems, and snow melts (which we know can be an issue in Chicago). Flooding is the #1 natural disaster in the U.S. today.

 

Different types of flood insurance policies are available based on your property’s location and flood history:

 

Standard Illinois Flood Insurance Policies

If you live in a community that participates in the National Flood Insurance Program (NFIP), your building and its contents may be covered by a standard flood insurance policy. The NFIP was established by the U.S. Federal Government to help communities who “voluntarily participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.

 

Preferred Risk Illinois Flood Insurance Policies

If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren’t required to purchase flood insurance in low-to-moderate risk areas, a preferred risk policy will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area.
Don’t wait until it’s too late. By contacting Handzel today at 773-725-6767 we will get you on the path to protection with an affordable and comprehensive Illinois flood insurance policy.

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