Flood Insurance in Chicago, IL
Flood damage is a common and costly disaster many homeowners face, but most standard homeowners insurance policies do not cover it. A separate flood insurance policy and insurance endorsements can fill that gap, covering losses that would otherwise come entirely out of pocket. If you live near a river, creek, low-lying road or any area prone to heavy rainfall, this coverage deserves a close look.
Do Illinois Homeowners Need Flood Insurance?
Mortgage lenders require flood insurance for homes in high-risk flood zones that carry a government-backed mortgage, but flooding can happen outside those zones, too. A heavy storm, a blocked storm drain or rapid snowmelt can send water into a basement or crawl space regardless of flood zone designation.
What Does Flood Insurance Cover?
Standard flood insurance typically includes two types of coverage:
- Building coverage may pay for structural damage to your home, including the foundation, electrical systems, plumbing, HVAC equipment and built-in appliances.
- Contents coverage may pay for personal belongings such as clothing, electronics and other items damaged by floodwater.
Are Other Options Available?
While water intrusion from outside sources is typically handled by flood insurance, your home insurance may offer additional options for other sources. Sewer backup coverage is an endorsement that can help cover water that backs up into your home through drains during heavy storms. Both flood insurance and sewer backup coverage are often necessary for high-risk homes, as they cover different situations.
How Much Does a Policy Cost?
Various factors impact flood insurance premiums, such as your property’s flood zone designation, elevation, construction type and the coverage limits you choose. A home in a high-risk zone typically carries higher premiums than one in a moderate-risk area. An agent from Transglobe Insurance Agency can gather quotes from multiple sources and walk you through the differences.
Secure a Policy Today
Flood coverage and additional endorsements are worth sorting out before a storm arrives. Waiting until flood season is underway can mean facing a mandatory waiting period before a new policy takes effect. Contact Transglobe Insurance Agency today to explore your options or get a flood insurance quote.