The flooding in the Atlanta area this week has highlighted the importance flood insurance has on homeowners. Allison Dean Love with the South Carolina Insurance News Service says South Carolinians need to be prepared.
“We haven’t seen anything quite that bad in South Carolina since probably Hurricane Floyd came through ten years ago. But, it does demonstrate the importance of having that flood insurance in place,” says Love.
Love says some homeowners do not know flood insurance is not included with homeowners insurance. She also points out the higher risk residents on the coast have.
“The flood insurance is a separate policy. Your basic homeowner insurance policy does not cover flooding. But, in Charleston and along the coastal areas, you might need as many as six or seven different policies to make sure you have all of the proper coverage in case of a disaster,” says Love.
On October 1, the National Flood Insurance Program is making some changes.
“Most home owners have typically had a $500 deductible depending on where their house is located. But, that $500 deductible will no longer be available. Everybody is going to have at least a $1,000 deductible, the part that you pay out of your pocket,” says Love.
The average cost of a flood insurance policy in South Carolina is about $550 a year.