Home Flood Insurance or Flood Insurance for Condominiums

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When it rains or doesn’t drain it can mean a flood. Just a few inches of water can cause tens of thousands of dollars in damage. Over the past 10 years, the average flood claim has amounted to over $33,000. SMI’s Home flood insurance is the best way to protection from devastating financial loss.

Flood Insurance in Chicago & Nationwide

Standard homeowners insurance doesn’t cover flooding, so it’s important to have protection from floods for your home or condominium. Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. SMI’s insurance associates are available to help estimate how much insurance you need, what it covers, and your property’s flood risk.

The Chicago Flood Insurance Rate Map

To identify a community’s flood risk, FEMA conducts a Flood Insurance Study. The study includes statistical data for river flow, storm tides, hydrologic/hydraulic analyses, and rainfall and topographic surveys. FEMA uses this data to create the flood hazard maps that outline your community’s different flood risk areas.  A flood insurance premium is based on your home’s flood zone, using the data from the flood insurance rate map. The lower the degree of risk, the lower the flood insurance premium.

High-risk areas have at least a 1% annual chance of flooding (according to the Chicago Flood Insurance Rate Map), which equates to a 26% chance of flooding over the life of a 30-year mortgage. In moderate-to-low risk areas, the risk of being flooded is reduced, but not completely removed.

Call 877-379-0083 for a free quote or consultation.

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