Get Illinois flood insurance quotes, cost & coverage fast with the National Flood Insurance Program (NFIP). Keep your IL home and property protected from flood damage.
IL Flood Insurance
When it comes to Illinois flood insurance and your condo, renters and homeowners insurance there are some important points to keep in mind.
A common question is, "I already have IL homeowners, renters or condo insurance - am I already covered?" The simple answer No. It is important to be aware that a standard homeowners, condo or renters policy does not cover damages resulting from a flood.
Homeowners, condo and renters insurance typically cover dwelling damage that comes from the top down; like as rain and wind damage, or originates inside like fire or burst pipes - but it doesn't cover rising water and flooding. This is why you might want to consider purchasing a Illinois flood insurance policy.
There may be a waiting period for your IL flood policy to take effect. For example, there is a 30-day waiting period for National Flood Insurance Program (NFIP) flood insurance policies to become effective. This is why you can't wait until you see a big storm on the weather channel, or wait until hurricane season to buy flood insurance for you home, apartment or condo.
Next, a "flood" is generally defined as "a temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
- overflow of inland or tidal waters, or...
- unusual and rapid accumulation or runoff of surface waters from any source, or...
- mudflow or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves, or...
- currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
Do You Need Flood Insurance?
Now, in case you think that Illinois flood insurance is only for homes that are on or near the water, that's not necessarily the case. For example, even if you live several miles away from water flood waters can still reach your home, as happened during hurricane Sandy. In fact, nearly 25% of flood insurance claims are paid on policies in low-to-moderate-risk areas.
What's more, it's not always a major body of water, or even a major storm, that causes a flood. Things like a broken sewer line to a slow moving rainstorm can cause flooding. Furthermore, experts say your home has a 26% chance of being damaged by a flood over the life of a 30-year mortgage.
Your mortgage company may require you to get IL flood insurance if you live in a high-risk area, and this extra expense often surprises home buyers.
If you own a IL business, you can learn about Illinois commercial flood insurance.
How Much Does Illinois Flood Insurance Cost?
How much does Illinois flood insurance cost? This is the question most on people's mind when they are shopping for a flood policy. Because flood insurance is not a one size fits all, and there are many factors that are taken into consideration in your premiums - the easiest way to get flood insurance rates is to contact an agent to discuss your situation. Then you can get an accurate flood insurance quote to see the cost.
Below are some of the main factors that make up the cost of Illinois flood insurancee for your apartment, condo or home:
- Your IL property's flood risk - what flood zone you are in. More risk = higher premiums, less risk = lower premiums.
- How much coverage you need. More coverage = higher premiums, less coverage = lower premiums.
How Can I Buy Illinois Flood Insurance?
Although flood insurance has only been available to homeowners or renters through the NFIP, it is now available through private insurers, including surplus lines insurers. This means more options when you are shopping for flood insurance.
When buying flood insurance, it is important to consider the kind of coverage you need. There are limits to these policies - the highest amount your policy will pay for a covered loss. If you have damage or losses over the amount of your policy limit, you are responsible for those costs.
Insurance companies write different types of flood insurance policies including dwelling - the structure of your home - up to $250,000, and its contents - your personal property within the dwelling - up to $100,000.
If you want to cover your dwelling and property for more than the NFIP's maximum limits, you may be eligible to purchase additional coverage known as an excess flood insurance policy.
IL Flood Insurance Quotes
Request a Illinois Flood Insurance quote in Arlington Heights, Aurora, Bartlett, Belleville, Berwyn, Bloomington, Bolingbrook, Buffalo Grove, Carol Stream, Carpentersville, Champaign, Chicago, Cicero, Crystal Lake, DeKalb, Decatur, Des Plaines, Downers Grove, Elgin, Elmhurst, Evanston, Glenview, Hanover Park, Hoffman Estates, Joliet, Lombard, Moline, Mount Prospect, Naperville, Normal, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Peoria, Plainfield, Quincy, Rock Island, Rockford, Romeoville, Schaumburg, Skokie, Springfield, Streamwood, Tinley Park, Urbana, Waukegan, Wheaton, Wheeling and all other cities in IL.
Illinois Insurance Rules And Regulations
There are regulations governing insurance in IL that you should be aware of that cover both business and personal insurance. These include the limits associated with certain types of insurance as well as the actual regulations that govern these insurance categories - as well as regulatory agencies. Let's take a close look at the regulations for insurance in Illinois.
Illinois Business Insurance
The first type of insurance that we will discuss is Illinois business insurance. The most common type of business insurance is called General Liability. Liability insurance protects businesses in a number of ways, but the main way that you can think of this type of insurance is as coverage for when someone brings a lawsuit against you for something that happens on your premises. So, for example, if someone were to slip and fall on a freshly-mopped floor within your store, then you might be responsible for their injuries. Liability insurance protects you in instances like these.
However, there are some types of business insurance that are required by law. The first is standard in almost every state, and it is known as Worker's Compensation insurance. In some states, you have to have a certain number of employees before you are required to carry this type of insurance, but in Illinois, if you employ at least one person either full-time or part-time, you have to have Workees comp.
IL Personal Insurance
There are a couple of different types of personal insurance that are regulated by law in Illinois that you need to be concerned with. The first is auto insurance. Any private individual that operates a motor vehicle must carry liability insurance on that vehicle with certain limits reached. The insurance companies are already aware of these limits and the insurance that they offer provides them. The limits are $25,000 per person with a total maximum payout of $50,000 per accident. In addition, there must be another additional $25,000 provided for property damage.
There are also some regulations governing life insurance in Illinois that you should be concerned with. Life insurance is regulated under Title 215 in the State of Illinois Statutes. One regulation is that Illinois residents are given a minimum period of 10 days to evaluate the life insurance. You can cancel at any time during these 10 days and receive a full refund. In addition, insurance companies must provide a guarantee of death and claim payment as well as cash value. Finally, insurance companies must provide a timely payment of claims and keep your medical information private.
If you are looking for state specific flood insurance quotes, costs and information: California Flood Insurance, Colorado Flood Insurance, Delaware Flood Insurance, Florida Flood Insurance, Illinois Flood Insurance, Kentucky Flood Insurance, New Jersey Flood Insurance, New York Flood Insurance, Oregon Flood Insurance, Pennsylvania Flood Insurance, Texas Flood Insurance, Washigton Flood Insurance.
More Information on Flood Insurance
Floods can happen suddenly and can do tremendous amounts of damage. Following is some more useful information about flood insurance polices: