Insurance Content Navigation

• What Is Flood Insurance?
• How Much Does Flood Insurance Cost?
• Flood Insurance Cost Factors
• Flood Insurance Stats
• Is Flood Insurance Required in Illinois?
• Flood Insurance Cost for Cars
• Here’s How an Illinois Independent Insurance Agent Can Help

Even though Illinois isn’t located along a coast, certain areas of the state are still notoriously prone to flooding. Without the proper coverage, you could be left paying out of pocket for devastating property damage after a natural flooding event. That’s why it’s so important to be equipped with the right flood insurance.

Fortunately, Illinois independent insurance agents can not only help you find the right flood insurance for you, but also provide you with specific quotes and rates for your area. They know the intricate factors that go into factoring policy costs. But before we get too far ahead, here’s a deep dive into flood insurance and its costs.

What Is Flood Insurance?

Flood insurance is a contract with an insurance company in which the insurer agrees to cover losses relating to natural flood damage to a person’s home or business. Flood insurance is not included in standard Illinois homeowners insurance or business insurance policies, and must be added as a separate coverage. Coverage protects the dwelling of the structure and personal belongings or inventory stored inside against flooding caused by hurricanes, monsoons, etc.

In order for flood insurance to cover damage, the water typically must cover at least two acres of normally dry land to qualify as a flooding event. Without adequate flood coverage, homeowners or business owners could go bankrupt trying to cover damage out of their own pocket. An Illinois independent insurance agent can help you find coverage, since flood insurance is only available through the National Flood Insurance Program by FEMA.

How Much Does Flood Insurance Cost?

The cost of flood insurance depends on several factors, so it’s hard to estimate. Flood insurance for properties located in flood zones is usually more expensive. Low-risk areas of Illinois might pay only a couple hundred dollars annually for coverage, while other areas might pay into the thousands. Working with an Illinois independent insurance agent is the best way to find affordable flood insurance that meets your needs.

Flood Insurance Cost Factors

According to insurance expert Paul Martin, the cost of a flood insurance policy can vary greatly depending on a few different things. Some main factors that determine the cost of flood insurance include:

• Your exact location
• Your area’s flooding history
• The elevation of your home or business
• Flood zone status
• Coverage limits and deductible amount

An Illinois independent insurance agent can help find exact quotes for flood coverage in your specific area.

Flood Insurance Stats

While flood insurance rates can be hard to estimate per person, it can be handy to review the average prices of coverage in your area and surrounding areas. Check out some flood insurance stats below before you start hunting for coverage.

While flood insurance in Illinois is 49.3% higher than the national average, it’s still more affordable than in many surrounding areas. If you want further assistance with saving money on flood insurance premiums, an Illinois independent insurance agent is your greatest ally for finding discounts.

Is Flood Insurance Required in Illinois?

Martin says you might be required to have flood insurance, depending on where your property is located. If your home or business is in a flood zone or other high-risk area, your mortgage lender might legally require you to carry flood coverage to minimize their risk. That being said, properties not located in flood zones can still be required to have flood coverage. To get familiar with your specific flood zone, check out FEMA’s official website. 

Regardless of where you’re located, you’ll have to talk to your mortgage lender about whether they require flood coverage. But either way, flood insurance is really important to have, especially in a state like Illinois that’s known to flood frequently. Just one inch of water in a home or business can cause up to $21,000 in property damage. You don’t want to be stuck paying that out of pocket.

Flood Insurance Cost for Cars

In order to have protection for your car against flood damage, you’ll need to purchase comprehensive car insurance. Also known as “other than collision” coverage, this insurance protects vehicles against numerous threats besides damage from accidents, including:

• Flood damage
• Fire, high winds, and hail
• Riot and vandalism damage
• Falling objects
• Missiles and explosions
• Windshield damage

The cost of comprehensive car insurance can also vary, but drivers in Illinois pay an average of about $116 annually. Adding comprehensive coverage onto your basic auto insurance policy is an affordable option that ultimately could save you thousands of dollars in damage caused by flooding.

Here’s How an Illinois Independent Insurance Agent Can Help

When it comes to helping Illinois homeowners, drivers, and business owners calculate the cost of their flood insurance premiums, no one’s better equipped to help than an independent insurance agent. Illinois independent insurance agents search through multiple carriers to find providers who specialize in flood insurance, deliver quotes from a number of different sources, and help you walk through them all to find the best blend of coverage and cost.