When the Waters Rise, Make Sure You’re Protected!

Category: Personal Insurance

They say that when it rains, it pours, and with flooding, the adage is true. No more than a just a few inches of water can cause major destruction to your home or business. Flood insurance is not typically covered in the standard South Carolina homeowner’s or business insurance policy. Are you aware of your risk and the options available?

Floods can be caused in a number of ways, and every home or business is vulnerable. External factors related to the weather are the most common, and include:

• heavy rainfall
• snow melt (not typically a problem in South Carolina!)
• hurricanes
• flash floods
• mud flows
• spring thaw
• fire-stricken areas

In addition to natural disasters, internal problems can cause devastating floods as well, such as frozen and/or burst water pipes and malfunctioning appliances.

So how much could a flood cost you? Using an interactive tool on FloodSmart.gov, the official site of the National Flood Insurance Program, we discovered that 6″ of water in a 2,000 square foot home could result in an estimated $39,150 in damage! Even with just 1″ of water, the damage to the same home could exceed $20,000.

In a federally-declared disaster, some help is available for property owners to address the damage to their home or business. However, this help often comes in the form of low-interest loans to help with repairs; it is not a pay-out based on damages, and for many property owners, it is insufficient to cover the total cost of their losses.

Flood insurance is a smart choice for any property owner, and through the National Flood Insurance Program, they have the means to protect themselves financially in the event of a flood. Policies in low-risk areas start at just $129.00 annually, and are available to home- and business owners (and renters too) if their community participates in the Program by upholding the requirements of the Federal Emergency Management Association to reduce flooding. The National Flood Insurance Program has partnered with private insurance companies to offer this insurance to property owners.

Whether you are a homeowner, business owner and renter, it is important that you understand your risks and your options. If you have questions, feel free to contact a member of our Lexington, SC insurance agency to find out more about your risk and how you can protect yourself.

Have you been through a flood? How did it affect your family and/or business financially? In other ways?

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