These are not the same coverage.
Flood
Generally involves qualifying surface water affecting normally dry land.
Water Backup
May involve water backing up through:
- Sewer
- Drain
- Sump system
Homeowners policies may offer Water Backup coverage by endorsement.
Having Water Backup does not mean you automatically have Flood coverage.
NFIP Coverage Limits
NFIP currently provides qualifying residential policies with up to:
$250,000
Building Coverage
$100,000
Contents Coverage
For qualifying businesses, NFIP policies may provide up to:
$500,000
Building Coverage
$500,000
Contents Coverage
Read more:FloodSmart — Flood Insurance Policies
Basement Coverage Is Limited
Flood insurance has important limitations regarding basement property.
Do not assume everything in a finished basement will be insured the same way as property above grade.
Review the policy carefully.
Flood Insurance Waiting Period
Flood coverage usually cannot be purchased when a storm is already approaching and expected to become effective immediately.
The Illinois Department of Insurance notes that flood insurance typically becomes effective 30 days after purchase, subject to applicable exceptions and policy rules.
Read more:Illinois Department of Insurance — Flood Insurance
Who Should Review Flood Coverage?
Especially consider it for:
- Homeowners
- Landlords
- Basement properties
- Apartment buildings
- Commercial buildings
- Rental properties
- Businesses with inventory
- Properties near waterways
- Properties with previous flooding
Need Flood Insurance?
Insurhaus can help review both Residential and Commercial Flood Insurance options, including coverage through the National Flood Insurance Program (NFIP) and available Private Flood Insurance markets.
630-786-9971info@insurhaus.com