Chicago, Illinois Home Insurance
People living in different parts of the country have different homeowner insurance needs. Your own requirements will depend on whether your area is prone to earthquakes or flooding, or storms like hurricanes and tornadoes. If you live in Illinois, the disasters most likely to strike your home are tornadoes, floods, and earthquakes. Over the past few years, a growing number of Illinois residents have also become concerned about mold in their homes. Know your insurance policy: although mold damage is not covered under all circumstances, if mold results from water damage after a (covered) fire or lightning loss, the mold damage will be covered, too.
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Chicago residents should consider the addition of flood insurance protection. Midwestern residents are typically in high risk zones for flooding, but the majority of homeowners don’t have flood insurance.
The Chicago Tribune reported on a study from the Rand Corp., reviewing participation in the
National Flood Insurance Program. Most Midwest homeowners living in high-risk flood zones did not carry any flood insurance coverage. Specifically, the study found that about half of homeowners in the high risk areas had flood insurance.
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Congress may introduce flood insurance reform legislation to charge fines on lenders who don't ensure that their borrowers obtain adequate coverage. The responsibility should reside with insurance companies, as their role is to educate policy holders about coverage options that will offer the best protection.
An additional hazard to Chicago residents is winter weather and the associated damage. Ice and heavy snow can cause roof damage, while cold weather conditions can cause freezing pipes, which may eventually leak and burst. The result can be significant water damage, so be sure your homeowners policy provides adequate coverage.
Insurance experts recommend that you keep a thorough record of your personal belongings and the value of each item. This is helpful when determining the level of coverage you will need and provides a record of your possessions should anything be destroyed and need to be replaced.
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Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
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