Why consider flood insurance in the Windy City? Because floods happen, and they aren’t an uncommon occurrence here. You may not know it by looking at it, but this city is dominated by glacial Lake Chicago plain, which encompasses the Chicago River, the Des Plaines River and the Calumet River. Obtaining Chicago, IL flood insurance will help protect your home and your belongings.
If you haven’t completely paid off your home, your mortgage lender will require that you carry flood insurance if you live in a flood plain. If your mortgage is from an institution that is backed by the federal government and you live in a Special Flood Hazard Area, flood insurance is also a requirement. Complying with the requirements doesn’t necessarily protect all of your personal property. It is up to you to get coverage for the contents of your home. A local independent agent in the Trusted Choice® network can help you understand Chicago flood insurance and the best way to keep your home and belongings safe when water rises.
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National Flood Insurance Program Statistics
- Floods are the number 1 natural disaster in the U.S.
- The average flood insurance claim in recent years is $35,000.
- From 2002 to 2011, flood insurance claims in the U.S. averaged nearly $3 billion annually.
- Some high-risk areas are more than twice as likely to be damaged by flood than by fire.
- People who live outside high-risk flood areas file more than 20% of NFIP claims and get more than 33% of disaster relief funds.
Floods are more common than you may think. Flood damage can be very costly, and if you aren’t carrying the right Chicago flood insurance, you could lose your house and all of the things in it. People who do not cover their personal belongings may find themselves in a world of financial hurt after a home flood. Standard flood insurance that meets state requirements only covers the home itself and not the contents inside. This means property owners who do not have personal belonging coverage will be responsible for the cost of replacing all of their things. Your local Trusted Choice independent agent will provide the Chicago flood insurance coverage you need to protect your belongings.
Reduce Your Flood Insurance Premiums
Your regular homeowner’s insurance plan most likely does not cover floods. Although the National Flood Insurance Program (FEMA) provides flood insurance to high risk areas, property owners are still required to buy flood insurance if their home is mortgaged. Flood insurance premiums are an affordable alternative to replacing everything you own. It’s also important to know that there is a 30-day waiting period to get coverage, so be sure to review Chicago flood insurance quotes now and get your coverage in place well before a flood.
There are several things you can do as a homeowner to reduce your flood insurance premiums. If possible, elevate the living areas based on information available from FEMA. Elevate your living space according the base flood elevation rate for your area, if possible. If you live in a home that is elevated above the base flood elevation rate, your insurance premiums will be lower.
In addition to elevating your living area, elevate your utility appliances, such as your air-conditioning unit, water heater and furnace. Make sure your foundation walls provide openings for flood water to rush through. By doing this, you can help to protect your home if flood waters strike the base of the structure. All of these things can help reduce your flood insurance premiums.
How Can You Find the Best Flood Insurance Policy?
For more information about reducing your Chicago flood insurance premiums, contact a local Trusted Choice independent agent. Your agent will go over your options with you so that you’ll feel confident you have the right type and amount of coverage to protect the things you care about. Find a local member agent today to get obligation-free Chicago flood insurance quotes and personalized service.