South Carolina flood insurance

The Federal Emergency Management Agency (FEMA) states that flooding has affected 99% of U.S. county between 1996 and 2019. South Carolina was no exception. Floods from hurricanes and tropical storms can affect homeowners in South Carolina’s coastal and inland areas. In 2016, $654 Million was paid by insurers for losses resulting from Hurricane Matthew. The following year, Hurricane Irma left more than $1 Billion in damages in South Carolina and in neighboring states.

Standard home insurance policies typically do not cover flood damage to your home or personal property. South Carolina homeowners have the option to purchase a flood insurance policy.

Flood insurance is important for South Carolina homeowners

Because South Carolina is located in the middle of hurricanes and tropical storms, it can often be affected by flooding. Strong storms can cause damage to inland properties, although coastal homes are at greatest risk. More than 37,000 South Carolina properties are at risk from storm surge from a Category 1 storm, and nearly 364,000 from Category V storms.

South Carolina is not immune to flooding. A combination of strong storm systems and torrential rains dumped more than 20 inches of rain on some parts of South Carolina in October 2015. The storm broke all records for rainfall in the state, killing 25 people and causing $2.2 trillion in damages.

Flood insurance costs in South Carolina

FEMA reported that the average annual premium for the NFIP was $700 and that flood claims were paid by the NFIP in 2019. In 2016, almost 200,500 NFIP policy were in effect in South Carolina. 68% of these policies covered single-family homes. The NFIP uses several risk factors to calculate flood insurance premiums.

  • Location Coastal properties can be more expensive to insure because of the higher flood risk. Flood insurance costs can also be affected by factors such as the property’s elevation and its potential for mudslide damages.
  • History of flooding: Flood insurance premiums may be higher if your home has had a history flood claim.
  • Replacement cost. Just like homeowners insurance, the cost of replacing your home will impact how much flood insurance you pay. NFIP Residential Building Policies Cover a broad range of elements in your home, including electrical and plumbing, foundation walls, kitchen equipment, and solar energy equipment. Flood insurance premiums are generally higher if there is a greater chance of flooding.
  • Types of property: Premiums for flood insurance are often assessed differently in residential and commercial buildings. The NFIP provides building coverage of up to $500,000 and building contents coverage for commercial properties up to $500,000 Residential properties are eligible for lower coverage, with coverage of up to $250,000 for building coverage and $100,000 for contents coverage. You will need to purchase building and contents coverages separately.

FEMA will implement Rating 2.0 in October 2021. This simplified rating plan will be based on factors like distance to the coast, rebuilding costs, and types of flood risk.

Flood insurance: When should you buy it?

You might not be able to purchase flood insurance if you wait for a hurricane or tropical storm to hit the radar. NFIP policies come with a 30-day coverage waiting time. The 30-day waiting period doesn’t apply if you refinance your house, if you increase or extend your flood insurance coverage, or if your home is damaged by flooding caused by wildfires or other federal land. The NFIP has a one-day waiting period for policies that cover property in newly-designated high-risk flood zones. However, this applies only if the policy is purchased within the 13-months of being designated.

NFIP policies have a one year term that you can renew to keep your coverage. There is also a 30-day grace period for renewal. You can file claims against the NFIP for covered losses occurring during the grace period. However, you must pay the renewal premium before that grace period expires.

Flood insurance is offered by some private insurance companies, although their regulations might differ from those of the NFIP.

How to buy flood insurance in South Carolina

Flood coverage can be purchased from the NFIP and some private insurance companies. On its website, the NFIP offers a flood provider search tool. To view a list listing flood insurers in your state, select the appropriate option. More than 30 companies currently sell flood insurance policies for South Carolina. This includes major companies like Allstate, Auto-Owners and Liberty Mutual, as well as large companies such Assured, South Carolina Farm Bureau Mutual Insurance Company, and Allstate.

Private flood insurance is an option if you require more coverage than the NFIP policy. You should compare rates and coverage options for private flood insurance policies.

Questions frequently asked

Are homeowners insured to cover flooding?

Flood damage is not covered by most standard home insurance policies. Flood coverage requires a separate flood insurance policy. Flood insurance may be an option due to South Carolina’s history with severe weather.

Flood insurance is more expensive than homeowners insurance.

Your home and other factors will affect the price of flood insurance and home insurance. homeowner insurance premiums can be affected by many factors, including the age of your home, its location, proximity and cost to replace it. The NFIP and private insurance companies also consider factors like flood risk in your area, proximity to a coast, and replacement cost when determining flood insurance rates. FEMA reported that homeowners in the United States paid an average annual flood insurance premium costing $700 in 2019.

What are the best ways to find flood insurance providers?

FEMA provides a Flood Insurance Provider Lookup Tool on their website. Many major insurers are part of the NFIP. Check with your agent to see if flood insurance is available.