There are multiple high-risk flood zones located throughout South Carolina. Homes in high-risk zones have a one in four chance of flooding over a 30-year mortgage, making it worth purchasing flood insurance. But how much will insurance cost if you're in a high-risk zone?

A South Carolina independent insurance agent can help you determine your cost options for insurance and the type of coverage you need. Here's how you may be impacted financially if your home is at greater risk of flooding.

How Much More Expensive Is Insurance in High Flood Risk Zones?

If you live in a high-risk flood zone, your insurance rates are likely to be higher than for someone in a low-risk zone. This is because your home has a higher chance of experiencing flood damage. The rates can be several hundred to several thousand dollars higher depending on your risks and other factors.

Flood zones are determined by the Federal Emergency Management Agency (FEMA). They create flood maps that identify flood hazard areas. FEMA is also behind the largest provider of flood insurance for communities, the National Flood Insurance Program (NFIP). FEMA recently released a new pricing methodology for flood insurance premiums, which changes how the individual's property is calculated for risk. According to FEMA, this will lower the flood insurance premiums for most South Carolina homeowners.

NFIP policies in force by county in South Carolina

How Much Does Insurance Cost in South Carolina?

Home insurance is impacted by several factors, outside of flood risks. When calculating rates, companies will look at the following: 

• Location
• Property value
• Risk
• Value of your home
• Value of your belongings
• The type of coverage being purchased (contents or building coverage)
• The age of your home
• The structure of your home

South Carolina home insurance rates

• Average home insurance rates in South Carolina: $1,269
• Average home insurance rates in the US: $1,211

South Carolina flood insurance rates

• NFIP in low-risk flood zones: $405-$700 a year
• NFIP in high-risk flood zones: Up to $3,351 a year
• Private flood insurance: Between $450-$3,300 a year

An insurance agent can help you better understand what your potential insurance rates will cost. 

Why Does South Carolina See So Many Floods?

South Carolina is one of the top 10 states for flooding in the US. It's at risk of flooding from thunderstorms, hurricanes, seasonal rains, and other threatening weather conditions. The combination of the state's low-lying typography with its humid subtropical climate has led to a variety of historical flooding events. 

In addition, many counties in South Carolina are located along the coast and are a target for coastal flooding. Because of these risks, it's a smart idea to discuss flood insurance options with your agent.

Do I Need Flood Insurance in South Carolina to Help Minimize the Risk?

If you live in a higher-risk flood zone and take a loan out for your home, the lender is likely to require that you have flood insurance. Otherwise, flood insurance is not required in South Carolina, but it is recommended.

Standard home insurance does not cover damage from natural flood waters, so if you were to find yourself in a situation where a storm damaged your home or personal belongings, you'd be left paying out of pocket if you didn't have flood insurance.

There are currently more than 1.7 million properties in the state that are not covered by the NFIP. 

What Does Flood Insurance Cover?

South Carolina flood insurance covers your property, structures, and most of your belongings. Through the NFIP, flood insurance includes building coverage and contents coverage.

• Building coverage: Covers damage to/loss of your home, including the foundation of the structure, electrical systems, indoor plumbing, built-in appliances, and additional flooring installed - such as carpeting. Through the NFIP, you can insure your home up to $250,000. 
• Contents coverage: Covers damage to/loss of your stuff including furniture (built-in and free-standing), smaller/not built-in appliances, some food, valuables and clothing. Through the NFIP, you can insure your property for up to $100,000.

If your home experiences a flood, NFIP policyholders can take advantage of Increased Cost of Compliance (ICC) coverage, which allows you to access up to $30,000 to cover costs such as relocating, elevating, or demolishing damaged structures.

Private flood insurance is also available if you need extra coverage for items that are not listed in an NFIP policy.

How Can I Save on South Carolina Flood Insurance?

FEMA has a new way of calculating a property's risk for flooding in South Carolina. With these changes, many homeowners should see a decrease in premiums, but there are still a few things that FEMA recommends you do to help save you money. 

• See if your community participates in the Community Rating System: Communities in this system receive between 5% and 45% discounts on their NFIP insurance policies. 
• Apply for Hazard Mitigation Assistance Grants: These grants are available for pre-disaster and post-disaster mitigation projects to help reduce the risk of flooding in a home.
• Reduce your home insurance rates: You can reduce your overall home insurance rates by bundling policies, updating security, keeping your home up to code and maintained, and other strategies that your insurance agent can help you with.
• Lower your risk of flooding: You can lower your risk of flooding by elevating your home and installing flood openings. Reducing your risk of flooding can impact your rates.

How Can a South Carolina Independent Insurance Agent Help?

Flooding can be a costly and catastrophic event for your home and your personal belongings. Once a storm hits, it's too late to get protection, so it's best to be prepared long before disaster strikes. A South Carolina independent insurance agent can help get you going.

Insurance agents understand the flood risks in each community across the state. They can help you secure flood insurance for your home and your stuff at a rate that is affordable. Agents can also guide you in purchasing other types of insurance that can be beneficial as a homeowner. Work with an agent in your area today.