FAQ About Flood Insurance

Whyunnamed do I need Flood Insurance?

Flooding is the most frequent and expensive natural disaster in the U.S., according to the Federal Emergency Management Agency (FEMA). Yet, most people don’t realize that their homeowners insurance doesn’t typically cover flood. With more than 20 percent of the National Flood Insurance Program’s (NFIP) claims coming from outside high-risk flood areas those who live in areas with low-to-moderate flooding risk should understand their risk and consider flood insurance.  

How can I find out about my flood risk?

The way water flows and drains where you live can change due to building development, changing weather patterns, wildfires, or other disasters that alter the terrain.  As a result, the government is constantly evaluating risks and revising flood maps to keep up with these changes. It is a good idea to check the maps annually for updates or sign up to receive an alert when your communities’ flood map is updated.

Is Flood Insurance Expensive?

NFIP coverage is typically around $700 a year in high-risk areas. Property owners located in low-to-moderate risk areas should ask a trusted insurance agent or company if they are eligible for the Preferred Risk Policy, which provides flood insurance protection at a lower cost than a standard policy in a high-risk area.

Does Flood Insurance cover temporary living expenses?

Typically not. But while standard home insurance doesn't cover flood damage, it generally would provide coverage for additional living expenses if your home was uninhabitable because of wind damage or other perils associated with the flood. It is a good idea to ask your insurance agent or company to explain the specifics of what your policy covers in this regard. 

How can I find out what coverage I need to purchase?  

The SCDOI advises homeowners to talk to a trusted, insurance agent or company to discuss what type of coverage is best. You can also find a lot of great resources for homeowners located on our website at doi.sc.gov/home.

Can I purchase Flood Insurance During Hurricane Season?

You can purchase flood insurance whenever, but most policies have a 30-day waiting period before the coverage goes into effect. Hurricane season starts June 1, which means homeowners and renters need to buy a policy in May to be covered in time for the start of hurricane season. Any damage done before the effective date of your policy will not be covered.

Visit our dedicated flood resource page for more information.