Types of coverage
Flood insurance is available for any building located in a community that participates in the National Flood Insurance Program (NFIP). If your property is located within the regulatory floodplain and you have a mortgage from a federally regulated or insured lender, such as a bank or credit union, flood insurance will be required.
|
There are three types of coverage that can be purchased: Structural coverage for everything that stays with the house when it is sold. This is required by a lender for properties located within the regulatory floodplain Contents coverage for furniture and other personal possessions except for money, valuable papers, etc. Sump pump failure or sewer backup coverage*, which may be available as an addition to your homeowner's insurance policy. *each insurance company has different amounts of coverage, exclusions, deductibles, and arrangements for this type of coverage. |
|
If you have a flood insurance policy, check if you have contents and sewer backup coverage. During the kind of flooding that happens in Illinois, there is usually more damage to the furniture and contents than there is to the structure. More detailed information that covers deductibles, how damages are valued, increased cost of compliance coverage, and other important things to consider when buying flood insurance can be found in the FEMA National Flood Insurance Program Summary of Coverage |
 |