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Act now on your insurance

To the editor:
    Rivers and streams in many parts of Illinois overflowed as a result of recent storms.  The excess water left behind serious property damage.
    Many people buy insurance to shift the cost of rebuilding, repairing, or replacing homes and belongings to an insurance company.  However, homeowner’s insurance is not designed to pay for every loss that happens.  Flood damaged property falls into this category.  Exclusions identify situations when there is no insurance.  Homeowner’s insurance policies typically exclude loss caused by flooding.
    Flood insurance is available, but must be purchased as a separate, single peril policy.  It is primarily available through the National Flood Insurance Program, which is directed by the Federal Emergency Management Agency.  NFIP is responsible for establishing flood insurance coverage and setting premiums.  There is a 30-day waiting period before flood insurance becomes effective.
    Policyholders need to verify their property insurance needs are covered before a loss occurs.  Review the protection provided by your policy with a local insurance agent.  Go over restrictions and limitations, and identify coverage gaps.  Consider buying additional insurance, including a flood policy, before a loss occurs!

KEVIN J. MARTIN – Executive Director
Illinois Insurance Association