New to Horry County? Here’s what you need to know about flood insurance.
Hurricane season in South Carolina is typically at its worst during September and October, but you may be running out of time if you want to be covered by flood insurance before then.
While storms pose a threat to the Grand Strand area, the floods that can follow hurricanes have become a recurring disaster for residents in and outside of flood zones.
The local threat for flooding is year-round, but the two most devastating floods in recent memory have followed September and October storms. And now that it is July, Horry County residents are running out of time if they wish to purchase a flood insurance policy ahead of August and September.
Flood insurance can be purchased through the National Flood Insurance Program or private carriers. Depending on where you purchase your insurance policy, there could be a 30-day waiting period before you’re actually covered.
In Horry County there are two common types of flooding: flash-flooding following an intense rain, and when the Waccamaw, Little Pee Dee or Intracoastal Waterway exceed their banks.
Depending on the severity of the flood, the amount of damage can differ.
At its worst, like during Hurricane Florence in 2018, thousands can be affected by damages and have their lives upended for years.
Those living within designated flood zones are required to purchase insurance, but it is typically recommended that anyone close to water get insurance. The NFIP is typically where most people get their insurance and it is federally supported.
During Hurricane Florence, hundreds of flooded homes were not in the flood zones. In fact, 40 percent of NFIP insurance claims come from households outside a flood zone.
A third of post-disaster flood relief funds go to homes outside of flood zones.
Myfloodrisk.org operates a portal that allows homeowners to type in their address and see what their designated risk is for flooding. But again, just because it says you’re low-risk doesn’t mean you’ll never flood.
NFIP policies do not require a formal declaration of an emergency like some other disaster-relief programs.
You can get NFIP insurance by contacting a local agent who should be able to help you get started. A list of insurers affiliated with the program can be found online and includes major carriers like Allstate or USAA.
Typically, if you don’t live in a flood zone, your rate is cheaper depending on risk, occupants and type of building. Under federal law, you cannot be denied a NFIP policy as long as your building meets all regulations.
Private flood insurance is a relatively new offering that gives homeowners other options. Policies vary from company to company, but can possibly insure more than what is protected in the NFIP.
These policies are not federally backed like the NFIP but can provide more flexibility in pricing and what is covered. They may or may not have a waiting period depending on the company. You should discuss with your insurance agent which policies would be best for you.
