Flood insurance coverage is not included in most standard homeowners’ insurance or commercial property policies in South Carolina. However, there are coverage options available to protect your property from flood-related damage.

The National Flood Insurance Program (NFIP) is the primary source of flood insurance for homeowners in South Carolina. This program is managed by the Federal Emergency Management Agency (FEMA). It provides federally backed policies to cover damages caused by flooding. Coverage includes both building and contents.

What many people don't know, however, is that FEMA grants only cover a portion of the damages from a flood. In some cases, you may need to purchase additional coverage to cover your full losses. To get this extra coverage, you'll need to contact a private insurance provider who offers excess flood insurance policies.

Flood Insurance Costs in South Carolina

The cost of flood insurance will vary depending on your location and the level of coverage you purchase. Generally, it's more expensive to live in areas prone to flooding than those that are not. In South Carolina, rates range from around $450 per year for a basic policy to over $3,000 for an excess policy with high levels of coverage. According to FEMA, the average flood insurance cost is $700.

It's important to note that flood insurance rates in South Carolina are typically higher than in other parts of the country due to its location along the Atlantic coast and proximity to bodies of water. The state also experiences hurricanes and tropical storms, which can increase your risk of flooding.

We Have the Best Flood Insurance Policies In South Carolina

Here at Southern Insurance Group, we understand how important it is to have the right flood insurance policy in South Carolina. That's why we work with some of the best providers in the state to ensure that our customers get the coverage they need at a price they can afford.

We offer a wide range of policies and coverages, including high-limit excess policies for those who are at a higher risk of flooding. Plus, our agents work diligently to make sure that you have the right coverage for your specific needs and budget.

Reasons To Purchase Flood Insurance in South Carolina

A small amount of water on your property can have a big impact. According to FEMA, damages can reach $25,000 with only an inch of water. These damages are often in the form of:

Structural damages to the home - such as walls, flooring, and furniture
Personal property -such as clothes, electronics, or other belongings
Loss of essential documents and valuables
Sewage backups or septic tank failure as a result of flooding
Mold growth due to moisture buildup in walls, floors, and carpets
Additional costs related to cleaning up after a flood

In the event of a major flood, NFIP coverage may not be enough to cover all of these losses. That's why it's important to consider purchasing additional insurance in South Carolina.

It can be difficult to predict when and where flooding will occur, but having an extra layer of protection can help you prepare for any potential risks. Plus, it's often more affordable than you might think.

Items Covered by Flood Insurance in South Carolina

Flood insurance policies in South Carolina cover damages from the following:

Storm surges caused by hurricanes, tropical storms, and other major weather events.
Rising bodies of water such as rivers, streams, canals, or lakes.
Municipal sewage systems that have been overwhelmed due to heavy rains.
Flooding from snowmelt or ice jams.
Landslides and mudslides caused by flooding.
Groundwater seepage due to heavy rains or a broken levee.

In addition, flood insurance policies in South Carolina also typically cover any additional costs related to cleanup and restoration efforts.

Factors That Affect Flood Insurance Costs in South Carolina

The cost of flood insurance in South Carolina will depend on several factors, including your location, the age and condition of your home, and the amount of coverage you choose. Other things that can affect the cost include:

The Height of Your Property

Flooding is more likely to occur in properties located at lower elevations. If your home or business is located in a low-lying area, you could end up paying higher premiums for flood insurance. Some insurance providers may also require that you take additional measures to protect your property from flooding.

The Age of Your Home

Older buildings are more prone to damage during a flood due to their weaker structures. As such, they will likely be assigned higher premiums than newer homes. It's important to keep in mind that even if the structure of your home is strong, the contents within it may still be at risk.

Your Deductible Amount

The deductible is the amount you are required to pay out of pocket before your insurance kicks in. The higher your deductible is, the lower your premiums will be. However, keep in mind that choosing a higher deductible can leave you paying more out of pocket costs before coverage kicks in.

The Expected Frequency of Flooding

If your property is in an area that experiences frequent flooding, your premiums will be higher than if it's located in an area that rarely floods. James Island, Mount Pleasant, and St. Helena Island are all at high risk for flooding, so policyholders in those areas will pay more for coverage than those living in West Ashley or Charleston.

The Value of Your Property

The more expensive your property is, the higher your premiums will be. This means that those with high-end homes or businesses may have to pay more for flood insurance in South Carolina than those with lower-value properties.

A New Approach to NFIP Rating: Risk Rating 2.0

FEMA announced a new way of rating flood insurance policies under the NFIP in October 2021. This new method is called Risk Rating 2.0. Before, flood insurance rates depended mostly on whether your home was in a floodplain and how high it was above the ground.

Risk Rating 2.0 aims to reflect the true flood risk of each location more accurately. It considers different factors such as how often floods occur, what kind of flood hazard affects an area (such as coastal surge, river overflow, heavy rain, etc.), how far a property is from a water source, how much it would cost to rebuild a home and how high a property is above the ground.

The goal of this new rating system is to make flood insurance rates more fair and consistent. Risk Rating 2.0 intends to reduce the gap between flood insurance rates for homes with low and high values.

How To Prepare for a Flood in South Carolina

You can significantly save money on flood insurance in South Carolina if you take the necessary steps to protect your property. Here are some tips on how to prepare:

Check Your Property – Make sure your home or business is up to date with building codes that could help lessen the impact of flooding.
Install Flood Barriers – Install barriers such as sandbags, sump pumps, and other flood-resistant materials around your property to help minimize damage.
Make a Plan – Develop an evacuation plan including routes from your home or business to safety.
Monitor Weather Reports – Pay attention to the weather forecasts in order to be prepared for storms and heavy rains.
Know Your Insurance Coverage – Make sure you know what type of coverage your insurance policy offers and whether it meets your needs.

By taking the necessary preventative steps, you can save money on flood insurance in South Carolina and be better prepared for a potential flood.

It's important to remember that even if you follow all these steps, there is still no guarantee that you will be completely safe from flooding. Floods can still cause extensive damage to your property regardless of how prepared you are. The best way to protect your property and the people inside it is to purchase an appropriate flood insurance policy from a reputable insurer in South Carolina. This way, if your home or business does experience any flooding damage, you will at least be able to get the financial help you need to rebuild and recover.

Flood insurance in South Carolina may seem like an unnecessary expense, but it could be the difference between a manageable disaster and a catastrophic one.

Compare South Carolina Flood Insurance Quotes

Here at Southern Insurance Group, we offer an easy way to compare South Carolina flood insurance quotes online. Our licensed agents are dedicated to helping you find the best coverage for your needs at the least expensive rate. Whether you're looking for FEMA-backed coverage or private insurance, we can help you find the right policy at the right price.

Fill out our online form or give us a call today and let us help you find the perfect flood insurance policy for your situation in South Carolina. With our assistance, you can have peace of mind knowing that your property is protected from the potential devastation of flooding.