How much is Flood Insurance in Illinois?

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How much is Flood Insurance in Illinois?

The average cost per policy in Illinois through the NFIP is $874.90. Depending on where you live, this average could vary substantially! Premiums can change depending on your deductibles, the cost of your home and contents inside your home. The top 10 most populated cities in Illinois are listed below with their average cost per policy through the NFIP. If you're interested in a quote for a private flood insurance policy to compare costs, we offer a 100% online quote process.

Average Costs through the NFIP

City
Average Cost per Policy
Chicago
$452.42
Aurora
$652.30
Naperville
$633.36
Joliet
$1,192.05
Rockford
$1,011.19
Springfield
$692.33
Elgin
$781.23
Peoria
$1,234.74
Champaign
$766.68
Waukegan
$1,114.06

Prices as of April, 2021.

How do I get cheap Flood Insurance in Illinois?

You may be able to save by getting a quote for private flood insurance instead of going through the NFIP. This is an entirely online process, no need to wait for a callback or an email! Once you've received your quote, compare it to what you'd pay through the NFIP. But don't just compare the costs, check what's covered by the NFIP so that if you try to submit a claim, you're not caught off-guard by what is, and isn't, covered.

 

The cost of a claim can be expensive, most are financially devastated after experiencing a flood if they don't have coverage. The average NFIP claim for flood damage in Illinois over the past 10 years is $17,00.

Risk Rating 2.0 Pricing in Illinois.

FEMA's flood program through the NFIP has begun using a new pricing methodology, Risk Rating 2.0. This will result in a price change for 96% of policyholders. This will impact nearly all of the 38,000 NFIP policies in force in Illinois.

New NFIP Policyholders can expect to see these changes October 1st, 2021. If you're an existing policyholder, these rate changes won't affect you until April 1st, 2022.

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If you already have a policy through the NFIP, be sure to compare the Risk Rating 2.0 price to a Private Flood Insurance quote. You could possibly save hundreds of dollars. The time to start comparing prices on your flood insurance is before your policy is set to renews.

 

The NFIP does not allow mid-term cancellations. This means that once your policy renews, you have no option to cancel it unless you meet very restrictive guidelines, such as the sale of your home. The process can be difficult and frustrating. Here is a link to the guidelines to cancel an NFIP policy mid-term: FEMA Cancellation Form.

What is not covered by the NFIP?

Debris removal, additional living expenses, and belongings located in your basement, aren't covered. You would be required to purchase a secondary policy to cover appurtenant structures, such as a detached garage or shed. Visit their website to see everything that is, or isn't, covered by the NFIP.

If you'd like to be free from these limitations and have more options for coverage, consider getting flood insurance from FloodPrice,

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Does my homeowners insurance cover flooding?

Homeowner's insurance generally excludes flood coverage. Obtaining a flood insurance policy is typically left up to the homeowner. If you're looking to get a policy, we offer a 100% online process. You can get a quote started here!

Do I need flood insurance in IL?

Between the years 2000 and 2018, Illinois experienced over 1,500 flood events! That equates to an average of about 1.5 per week. The Prairie State is no stranger to flash floods, which can happen quickly. Don't wait until it's too late to get coverage. Consider that 20% of flooding happens in areas considered low-risk for floods. 

 

Find out if you're in a flood zone! Enter your address on our FEMA Flood Zone Map lookup tool.

If you're ready to get coverage from the most common natural disaster, the first step is obtaining an instant flood insurance quote. Simply click the button below to get started! If you're happy with the price, you can pay online instantly and go from quote to covered in as little as 5 minutes!

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Need help from a Flood Expert? Call us at 866-503-5663

*49% of NFIP policy holders in Illinois (18,449 policies) will see an average increase of $0-$120 per year. 5% of policyholders (2,052 policies) will see an increase of $120-$240 per year. 4% of policyholders (1,466 policies) will see an increase of greater than $240 per year.
Source: https://www.fema.gov/sites/default/files/documents/fema_illinois-state-profile_03-2021.pdf

 
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