Illinois Department of Insurance Urges Consumers to Review Flood Insurance Policies

-

Department Reminding Homeowners and Renters to Ensure Appropriate Coverage Prior to a Flood

CHICAGO, IL – April 27, 2011 – (RealEstateRama) — The Illinois Department of Insurance is once again reminding homeowners and renters to prepare in advance for the possibility of floods by reviewing policy coverage and making informed decisions about whether flood insurance is needed.

“This spring season has brought heavy rains and flooding, with more of both certain to come,” said Michael T. McRaith, Director of the Illinois Department of Insurance. “Flood insurance coverage is not included in standard homeowner or renter policies and do not take effect for 30 days, so our Department encourages consumers to determine the limits and benefits of an insurance policy well before damage may occur.”

The Department offers the following flood insurance information for property owners and renters:

• Call your insurance agent or company to inquire about the availability of flood insurance in your area.  Keep in mind that flood insurance becomes effective 30 days after it is purchased, so the sooner you talk to your insurance agent or company the better.

• The average flood insurance policy costs a little more than $400 per year for about $100,000 of coverage. The actual cost to you will depend on where you live and the amount of coverage you choose.

• Standard flood coverage does not typically cover damage resulting from sewer backups or sump pump issues. Ask your insurance agent or company if such additional coverage is appropriate to add to your policy.

• There are steps you can take before a disaster strikes to make it easier to file and recover insurance claims. For example, homeowners or renters should take an inventory of their personal property and make photocopies of their insurance policies, keeping all such important papers in a secure location away from home. Taking pictures of various rooms and their contents is also a great way to document the contents.  A sample home inventory sheet is available at the Department’s website or by clicking here. 

• For more information about insurance coverage in the event of a flood or other disaster, visit the Department’s website, www.insurance.illinois.gov, or review the following consumer fact sheets:

Consumer Alert on Flood Awareness, found at: http://insurance.illinois.gov/HomeInsurance/disasters_flood.asp

What to Do After an Insured Homeowners Loss, found at:  http://insurance.illinois.gov/HomeInsurance/disaster.asp

For more information on the availability of flood insurance in your area, and for additional tips on preparing for a flood, call the National Flood Insurance Program at (800) 638-6620 or visit NFIP’s Web site at www.floodsmart.gov.

Consumers in need of additional information or assistance can also visit the Department’s website at www.insurance.illinois.gov or speak to one of our insurance professional’s toll-free at (866) 445-5326.

SHARE
Avatar

Illinois RealEstateRama is an Internet based Real Estate News and Press Release distributor chanel of RealEstateRama for Illinois Real Estate publishing community.

RealEstateRama staff editor manage to selection and verify the real estate news for State of Illinois.

Contact:

Previous articleState Invests $6.2M in Federal Stimulus Funds to Build Supportive Housing for Young Parents
Next articleSlower First Quarter Home Sales in Metro Chicago Real Estate Market Don’t Tell Full Story, RE/MAX Reports