Do you live on or near a flood plain, or are you concerned with flooding on your property?
You may not be aware that your homeowner insurance or renters insurance likely doesn’t cover flooding, so you may want to consider purchasing additional flood coverage in order to make sure that your assets are protected in case of a flood.
Floods are one of the most common natural disasters that occur in the United States and even just one inch of water in your home can result in $25,000 or more in damage – so why take the risk?
There are many different causes of flooding – from major natural disasters like hurricanes to storms, dams or levees breaking, snow melt (in the northern states like Illinois), and even new developments changing how water flows both below and above ground.
While flood insurance isn’t always required in some locations, you’ll want to check with ASCO insurance agent in order to make sure that your home and any valuables inside are covered.
What is Flood Insurance?
Depending on where you live, you may or may not need flood insurance.
If you live in an area that isn’t particularly prone to flooding (or somewhere like a high rise condo in a big city) you might not need specialized flood insurance.
The agent who helped you purchase your homeowners or renters insurance can also help you determine if you need additional flood insurance and the amount of coverage you need.
Your community may also participate in the National Flood Insurance Program (NFIP).
If this is the case, then your insurance agent can work with the NFIP and help you assess your risk, determine what flood zone (and therefore risk level) you are located in, and help you get the proper amount of flood insurance.
Why Do You Need Flood Insurance?
Flood insurance protects you and your assets in the case that your property is flooded by an extreme weather event such as a hurricane or flash flood, or similar disaster.
Having your property flood can be an emotionally and financially difficult event – but having flood insurance can help take away some of the problems and stress.
If you don’t have flood insurance, you have to deal with finding the funds to repair or replace your property, or maybe even take out loans to cover things that your homeowners insurance or renters insurance won’t.
Depending on your location, your mortgage company or landlord, and other factors, you may be required to carry flood insurance.
Keep in mind that your flood insurance can take thirty days to become active, so you should ensure that you have coverage as soon as possible and perhaps even prior to taking possession or moving into a property if need be.
What Type(s) of Flood Insurance Do You Need?
The need for flood insurance may depend on your location.
There are many flood insurance cost calculators online, or contact your ASCO Insurance agent to learn more about flood insurance costs.
Keep in mind that flood insurance is designed to restore your home to its pre-flood condition, so make sure that the amount of flood insurance coverage you have is enough to restore your home to its former state and replace any possessions or valuables damaged by the flooding.
Your insurance agent can help you determine the amount of flood insurance that you need to carry in order to cover repairs to your home and any potential repairs or even replacements to your possessions.
How Do You Choose the Right Type of Flood Insurance?
Your insurance agent can help you choose the right type of insurance for your area.
You should be aware that the type of flood insurance you need and the amount of coverage depends on the value of your property or assets as well as the flood zone that you are located in.
There are low risk areas, moderate risk areas, high risk areas, and coastal high risk areas.
Your insurance agent will be able to help you assess how much coverage you need.
You should know that more than twenty percent of flood insurance claims come from properties and individuals who live outside of the high risk flood zones.
What Other Types of Insurance Are Related to Flood Insurance?
Homeowners and renters insurance are the basic forms of insurance that you need as a property owner or renter; flood insurance is the standard for many areas.
Flood insurance in Illinois is fairly common, especially if you live on or near a flood plain.
Flood insurance is designed to restore your property to its previous state.
If you live in an area of Illinois or anywhere else that puts you at risk of flooding, you need to add flood insurance to your homeowners insurance policy or renters’ insurance policy.
If you have additional valuables like fine art, jewelry, or similar possessions you may need to add valuables insurance.
Ready to learn more about flood insurance?
Contact an ASCO Insurance flood specialist today to learn more about your options.