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Please tell me about flood insurance
We're closing on a house later this month and went to get our home insurance set up. We are probably going to pay for sump pump/sewage coverage (so if either were to get backed up, we'd be covered), but our insurance agent told us that in IL, none of the insurance companies cover groundwater damage.
I did some digging online and have been reading about the National Flood Insurance Program (NFIP), which says you can get coverage through them if your community participates in this program, which it looks like ours does going by this site. We are in a low-risk area, so it also seems we'd qualify for the preferred rate, which is lower than a high-risk area.
Do any of you have flood insurance? I don't have an exact quote if we went through the NFIP, but it ranges from pretty reasonable ($129/year) up to well over $1000/year depending on coverage. We do have a partially finished basement, but there is no evidence of recent water damage that the home inspector saw. I know that flooding can happen to anyone, anywhere, but I'm really thinking we could get by without it. Any firsthand accounts or opinions?
Re: Please tell me about flood insurance
Your sump pump/sewage insurance is wise sinceyou have a finished area in teh lower level.
DH and I also looked into flood and it covers any surface water including rising rivers or streams, drainage problems from other yards that damages property, burst water mains and fire hydrants and anythign that creates a flood (man made or natural) that causes water to flow over the land.
We opted not to purchase flood since we are not near or in a flood zone and the properties around here slope away from our house/land. Also, we are in a low traffic neighborhood, so we are thinking htat we won't have some car smashing into a hydrant or problems with water mains also since we are backed away from the street.
RIP Dr. Irving Fishman - 10/1/19-7/25/10 - thank you for holding on for me.
You made my wedding day complete.
I bought flood insurance on my new house. It is not in a flood zone but you never know when you are going to get 3 days of rain and a flooded house. It cost $300 a year for me.
If it's inexpensive and gives you peace of mind, go for it. Chances you will ever need it are slim, but in the case that you do, you will be happy.
We live on a small island so we are required to have it