Flood Insurance for Carolina Homeowners

The Carolinas see it’s fair share of bad weather in the form of hurricanes, flash flooding, torrential downpours and more. According to the South Carolina Department of Natural Resources, such storms have caused more than $7 billion in damages over the past 12 years. As a homeowner, are you prepared to shoulder the burden of the high costs associated with flooding?

At Correll Insurance Group, we have more than 85 years of experience providing homeowners throughout the state with competent, competitive and caring insurance services. We put this experience to work for each of our clients, ensuring that we create personally tailored personal insurance packages that fit each family’s needs.

Homeowners Insurance and Flood Insurance Policies

The fact is that your homeowners insurance policy specifically excludes coverage for damages resulting from flooding. If you own a home, then you should seriously consider purchasing a flood insurance policy. This policy can cover:

  • Flood preparation costs
  • Damage to your home
  • Damaged appliances
  • Damaged goods, clothes and other belongings
  • Flood cleanup costs

Flood Insurance for Homeowners vs. Renters vs. Condo Owners

Flood policies come with two separate types of coverage: building coverage and contents coverage. If you own your home, then you need building coverage to pay for any damage to the dwelling. You also need contents coverage to pay for any damage done to the items inside your home. As a renter, all you need is contents coverage, as you are not liable for costs associated with the dwelling itself.

For condo owners, the necessary coverage is not always clear. Many condo owners will find that they need both contents and building coverage, while others need contents-only coverage. In these situations, it is best to speak with an experienced agent who can help you identify your risks before you purchase your policy.

Common Misconceptions About Flood Insurance & Federal Aid

If you don’t believe that your home needs flood insurance, we encourage you to reconsider. First, every house is located in a flood zone, and approximately 30 percent of flooding occurs in homes categorized in the low to moderate risk zones. Even mild flooding that leads to only an inch of water in your home can lead to tens of thousands of dollars in damage. Finally, you must know that federal disaster aid is limited.

The National Flood Insurance Program & Flood Policies

Most all flood insurance policies are underwritten by the National Flood Insurance Program (NFIP). Congress created the NFIP in 1968 with two goals in mind: to provide affordable flood insurance to homeowners and to create a sound floodplain management system.

Today, you can purchase your flood insurance through the NFIP or through a licensed insurance agent. Rates are fixed by the government.

Contact Correll Insurance Group for More Information

Whether you are looking for your first flood insurance policy or you have questions about changes to your policy under the Biggert-Waters Reform Act of 2012, reach out to our knowledgeable agents. We are happy to provide you with a free flood insurance quote and talk to you about ways you can make your coverage more affordable.