Flood Insurance Policies

Chicago Insurance Advisors

It is unfortunate that many homeowners do not realize that their homeowner’s insurance does not cover flood damage until it is too late. Flood damage can become especially expensive, and those without Flood insurance can expect to cover all of the costs themselves after a traumatic flood. For those that live in an area prone to floods, here is a closer look at this add-on policy.

The average homeowner’s policy may cover damage from fires or vandalism, but most base policies do not cover flood damage. While some may feel as if a flood is unlikely to take place, there are some specific outside factors that will increase the chance of this natural disaster. Primarily, those living within a close proximity to the ocean, a lake, or a river should consider a flood insurance policy. Anyone with property that is below nearby moving water or standing water should opt for one of these policies as well.

The damages that are covered by insurance are twofold, and this begins with structural damage to the home. Unlike any other form of damage, water damage on one’s property must be treated as soon as possible. This begins with a claims specialist inspecting the area and getting a estimate on the overall damage and what restoration services will need to take place. A company specializing in water damage will then begin the process of pumping out standing water, inspecting the structural integrity of the home, and then offering suggestions on what further restorations must take place.

This insurance will also help to cover the costs of repairing or replacing any damaged possessions within the home. Before the policy becomes active, either the policyholder’s or the insurance provider will take a closer look at possessions throughout the home in order to come up with an accurate estimate on their total worth. In turn, this will change the amount of coverage as well as the monthly, quarterly, or yearly premiums.

Don't let your residence be bullied by floods. Speak witrh one of our trusted advisors to learn how you can benefit from Flood insurance. 

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