The coast of South Carolina and North Carolina regularly receive damaging weather such as hurricanes, flash flooding, and torrential downpours.
According to the South Carolina Department of Natural Resources, the state of South Carolina has had damages of more than $7 billion in the last 12 years from flooding and hurricane events. If you’re asking yourself, do I need flood insurance? As a homeowner, are you prepared to shoulder the burden of the high costs associated with flooding? Just one inch of water throughout your home causes an average of $25,000 in damage.
Correll Insurance Group of Hilton Head Island has been providing Lowcountry homeowners and business owners with competent, competitive, and caring insurance services, including flood insurance since 1984.
Your homeowners' insurance policy most likely excludes coverage for damage resulting from flooding. So if you own a home, then you’ll need to add an additional flood insurance policy. This policy can cover:
Without flood insurance, you’d be left covering these expenses out of pocket.
Flood policies come with two separate types of coverage: building coverage and content coverage. If you own your home, then you need building coverage to pay for flood damage to the dwelling. You also might need content coverage to pay for damage done to the items inside your home. As a renter, all you need is content coverage, as you are likely not liable for costs associated with the dwelling itself.
For condo owners, the necessary coverage is not always clear. Many condo owners find they need both contents and building coverage, while others need contents-only coverage. In these situations, it is best to speak with an agent who can help you identify your risks before you purchase your policy.
As locals to the Hilton Head area, the independent agents at Correll Insurance Group of Hilton Head are familiar with reading condominium bylaws and covenants to advise you on your risk.
If you don’t believe that your home needs flood insurance, we encourage you to reconsider. Even homes whose FEMA flood risk-level changed recently should still consider flood insurance, as flood maps can change—and everyone in Beaufort County is in a flood zone. Even mild flooding that leads to only an inch of water in your home can lead to tens of thousands of dollars in damage—and federal disaster aid is limited and must be repaid.
Most flood insurance policies are underwritten by the National Flood Insurance Program (NFIP). Congress created the NFIP in 1968 with two goals in mind:
Today, you can purchase your flood insurance through the NFIP or through a private flood insurance market. Both options can be provided by a licensed insurance agent, such as Correll Insurance Group of Hilton Head. For more information on the FEMA program, please visit this site FEMA National Flood Insurance Program.
Many Beaufort County residents received notice from their mortgage companies in 2021 that their homes were no longer required to have flood insurance due to a change in FEMA flood maps. But this is very misleading: Hilton Head is a barrier island, and the chance of coastal flooding is incredibly high. Every resident should protect their homes with flood insurance.
Whether you are looking for your first flood insurance policy or you have questions about changes to your policy under the Biggert-Waters Reform Act of 2012 or FEMA’s 2023 flood map update, please reach out to our agents. We are happy to provide you with a free flood insurance review and talk to you about ways you can make the cost of flood insurance coverage more affordable.
I have worked with various insurance companies over the years on Hilton Head, and without a doubt can say Angele Bryant has been the best thus far: organized, efficient, and obviously invests time in saving her clients money. Money talks; you decide what makes sense.
© 2024 Correll Insurance Group
of Hilton Head
Site by ALINE, A Marketing Company
The information presented on or through this website is made available solely for general information purposes. We do not warrant the accuracy, completeness, or usefulness of this information. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to this website, or by anyone who may be informed of any of its contents.
This website may include content provided by third parties, including materials provided by other users, third-party licensors, syndicators, aggregators, and/or reporting services. All statements and/or opinions expressed in these materials, and all articles and responses to questions and other content, other than the content provided by Correll, are solely the opinions and responsibility of the person or entity providing those materials. These materials do not necessarily reflect the opinions or beliefs of Correll or any of its employees. View our full legal policy