Agents urge homeowners to review policies

The worst flood to hit the Chicago region in 20 years may have you thinking about something you hadn't considered for, well, 20 years - flood insurance.

The special coverage can be valuable, but agents note you should examine the price and details carefully to make sure it has the right value for your situation.

Coverage options range from policies on simple backup of sewers and drains to more costly policies protecting against broader damages from floodwaters. But the coverages also include important limitations.

Michelle Nixon-Emrick, office manager at a Lake Zurich State Farm branch, said she usually encourages homeowners to protect themselves against backups.

Bill Scalzitti, agent at Kay Insurance in Arlington Heights, agreed, noting his office is "adamant about it."

The cost for the added coverage varies in price depending on the amount of coverage desired. Scalzitti recommends at least $5,000 in coverage, which would cost a homeowner between $50 and $100 per year, but a top-of-the-line $20,000 policy, which would cover everything from TVs to wall boards, would tack about $400 a year onto your homeowner's insurance policy.

But keep in mind that covers only drain and sewer backups and sump pump malfunctions.

"If there's a crack in the foundation, that's not covered. If water comes in through the window wells or under the doors, that's not covered either," Nixon-Emrick said.

Additional flood coverage would address those concerns, but averaging $350 a year in cost, Scalzitti says only about 5 percent of his clients elect to add it onto their policy.

For homeowners who live in a flood plain, flood coverage is usually required by the mortgage company.

Agents agree that it's important for homeowners to know exactly what's covered under their existing policy.

"Take a step back and review your policy with your agent," said Peter Minus, agent with Country Insurance in Wheaton.

In addition to added coverage, most agents also encourage clients to invest in another form of insurance against the prospect of a devastating storm - battery backup for the sump pump.