Everyone lives in a flood zone.
Flooding is the top-ranked natural disaster in the United States,
with a dozen potential causes ranging from heavy rains, tropical storms
and hurricanes to new housing developments and rain after fire. Floods
can occur in all 50 states and, when they do, they leave massive damage
in their wake.
Flood damages exceed $2.7 billion annually.
As a homeowner, you carry homeowners insurance to protect against
theft and loss. Typical homeowners insurance, however, excludes damages
from flooding. Homeowners in Chicago , therefore, should make sure to
have a separate flood insurance policy. And once that policy is in
place, there are other steps you should follow, too.
First, make a log of your possessions, either on paper or by video.
In your log, include everything that you own of value. Next, if you own
jewelry, have it appraised and store the appraisal; if you own
appliances, log the serial numbers and attach original receipts.
Then, buy a safe-deposit box at a bank, for example, and store your possession log.Â
All of this information matters because, in the event you need to
make a claim, youâ€™ll have an easier time dealing with the insurance
adjuster.Â Itâ€™s hard to prove possession of items that have been washed
away by flood waters, after all.
Youâ€™ll also want to share this list with your insurance agent in
advance so your policy is made with the proper amount of coverage.
Floods can strike anywhere and, as many people learn the hard way,
standard homeowners insurance does not include flood coverage. If youâ€™re
without flood coverage, talk to your insurance agent about adding a
Because many policies donâ€™t take effect until 30 days from purchase, this is one form of insurance youâ€™ll want to buy in advance.Â Â Â