We are smack in the middle of hurricane season and the fifth anniversary of the devastation of Hurricane Katrina occurred on August 29 , however the Insurance Information Institute estimates that just one in 10 Americans has a flood insurance policy. South Carolina Insurance News Service Executive Director Russ Dubisky says now is a good time for homeowners in the state to get a flood insurance checkup. Dubisky points out that many homeowners are confused on whether flood insurance is different from insurance against a storm surge or does one policy cover both events.Dubisky says there is a 30 day waiting period from the day you purchase flood insurance to the date it goes in effect.
Dubisky says flood insurance rates are based on a number of factors including the history of storms in a particular area and can be as low as $10 a month. Homeowners shopping for flood insurance must make sure that it covers both the home and its contents.
Dubisky points out that flood insurance can be obtained through the National Flood Insurance Program only through September 30. When shopping for flood insurance start with your homeowners insurance provider. Dubisky says it’s important to note that if your are holding a mortgage and you live in an area that has a high risk of flooding more than likely your mortgage company is going to require that you have flood insurance.