Flood Insurance Facts

Living in South Carolina so many perks! No matter where you reside you have access to stunning beaches, serene lakes, and various creeks that provide an ideal waterside view. While beautiful and stunning, these waterways have an underlying risk for most homeowners, the potential for flood damage. The standard homeowners’ insurance policy does not cover flood damage. Recently many insureds in western areas of Charleston experienced this after Hurricane Debby made its way through the state.

It’s essential for residents to consider investing in a flood insurance policy, this is particularly important given that every county in South Carolina has experienced flooding at some point.  The need for flood insurance in South Carolina is highlighted by some very real statistics. The average claim paid out by the National Flood Insurance Program (NFIP) for South Carolina is $27,100, and in 2023 alone, the NFIP paid a total of $12,806,400.78 for 382 claims made in the state.  To adequately protect your home from flood-related losses, you will need a standalone flood insurance policy, which your insurance agent can help you secure. These policies typically offer coverage up to $250,000, with excess insurance policies available for those needing higher coverage limits.

Flood insurance is a wise investment for all homeowners, regardless of flood risk. One inch of water can cause up to $25,000 worth of damage to your home. Furthermore, statistics show that during a 30-year mortgage, you are 27 times more likely to experience a flood than a fire. It’s also notable that 30% of flood claims come from residents in low-risk zones. Most flood insurance policies take up to 30 days to go into effect when there is no loan closing. Contacting your insurance agent to discuss flood insurance options can provide peace of mind and financial protection against the unpredictable forces of nature.