| With record amounts of rain in many parts of the | | | | covered. That's why it's important to have a separate |
| nation this year, the topic of flood insurance has gained | | | | policy so there won't be any doubt as to your |
| a lot of attention. Flooding occurred in areas where it | | | | coverage. |
| hadn't before, or at least not in decades. Not every | | | | Statistics from the Federal Emergency Management |
| homeowner has flood insurance and the worst time to | | | | Agency state that 25% of all flood damage and claims |
| realize that you should have it is after your condo, | | | | occur in areas of the country classified as low to |
| townhome or single family house has sustained water | | | | moderate risk. It's possible that your mortgage holder |
| damage. Flooding can not only destroy your material | | | | or bank won't require you to have flood insurance |
| possessions but also do major structural damage that | | | | unless you are in a high risk area. But you can |
| could cost thousands of dollars to repair. So even if | | | | purchase flood insurance from the National Flood |
| you think there is little chance of flooding where you | | | | Insurance Program. That policy will cover the cost of |
| live, the cost of an insurance premium is cheaper than | | | | rebuilding your condo or home and replacing the |
| replacing home furnishings or repair costs. | | | | contents that were damaged or lost. |
| Chicago real estate can be susceptible to flooding | | | | The federally backed insurance will usually only max |
| from several different ways. Even if you live in a new | | | | out at the policy limit and not account for increased |
| construction condo such as those listed here you could | | | | construction costs due to inflation or any other |
| possibly experience flooding. Excavation nearby might | | | | unforeseen expense. The FEMA insurance will allow |
| change the normal drainage of the area and cause | | | | up to $250,000 for the structure and another $100,000 |
| rain water to run off into your property. Nearby | | | | for the contents. If you think you will need more, you'll |
| construction could cause surface flooding during | | | | have to buy additional coverage from a private |
| storms or from heavy snow melt in spring. The | | | | insurance company. Your rates will largely depend |
| unexpected main water line could burst and leak into | | | | upon the level of flood risk in your area. Actual |
| your unit. And in older structures you may discover | | | | coverage generally won't start until 30 days after you |
| that your building's roof is poor construction or in need | | | | purchase the policy, so waiting until a flood warning is |
| of repair or that the basement storage area leaks | | | | issued will be too late. Even if you rent you are still |
| after a heavy rain. Your condo association fees may | | | | eligible for content coverage. And unlike car or health |
| already cover flooding, but you should carefully check | | | | insurance, the quote you get for flood insurance for |
| to be sure. | | | | your specific condo or home and location should be |
| Your basic home insurance policy does not cover | | | | the same no matter from whom you purchase it. |
| flood related damage. Individual companies and policies | | | | So unless you live in the desert or on a house boat, |
| will vary of course, so you need to read yours | | | | you may want to seriously consider checking into flood |
| thoroughly. Many condo and home insurance policies | | | | insurance for your condo, town home, single family |
| will state that water damage is covered only if wind or | | | | residence and the contents. Don't let your life, dreams |
| fire damage occurs first to let the water in. There are | | | | and bank account get washed away. Flood insurance |
| insurance companies who may go to great lengths to | | | | may be the life jacket you need to survive. |
| try and prove that water damage you sustain isn't | | | | |