If you’re like most people, the only time you think about Columbia SC flood insurance coverage is when a natural disaster occurs someplace else – to somebody else. While it’s only natural to have an “out of sight, out of mind” philosophy regarding your insurance coverage, recent events in Louisiana are enough to make us all take notice. Here are some reasons to consider flood insurance to protect your home.
Should You Have Columbia SC Flood Insurance?
The tragic flood event in Louisiana is being compared to Hurricane Sandy, according to the American Red Cross. Flood waters have receded now, but many say the worst is yet to come. The highest payout for victims of the flooding is just $33,000 as required by the Federal Emergency Management Agency (FEMA). Sadly, that amount will be a far cry for most people to even begin to regroup, clean up and rebuild. Area experts estimate more than 110,000 homes have been damaged, and losses are expected to exceed $20 billion.
Compounding the disaster is the report that roughly 87% of the damaged homes are within the flooded area, yet only 21% have flood insurance. In other parishes, only about one in eight residences and businesses have flood insurance. The $33,000 maximum under FEMA guidelines is part of a grant program designed to assist homeowners who experienced flooding in the area and didn’t live in a neighborhood where flood insurance was required. The problem, however, may very well be to what extent the FEMA money will help – and what the amount will be.
A spokesman for the Insurance Information Institute, Michael Barry, said he's seen presentations by FEMA public affairs professionals that where the typical payout is going to be in the $9,000 to $10,000 range.
Those homeowners who should probably have flood insurance but don’t must usually rely on their own resources and abilities to rebuild. Many homeowners don’t carry flood insurance because their homes are paid for, and there’s no mortgage lending institution requiring the continued coverage.
The recent developments surrounding the Louisiana flood and others we’ve seen recently, like the devastating October 2015 floods in South Carolina, raise the question of whether you should consider Columbia SC flood insurance. For many, it’s an ongoing question. Of course, floods are common in low lying areas near bodies of water, and by not having flood insurance you’re taking a huge risk if a natural disaster occurs. For most people, the question remains, “What if I don’t live near a lake, river or other body of water… do I still need flood insurance?” The answer may surprise you.
Insurance experts say they receive numerous claims each year from flooding not necessarily associated with homes being located in flood-prone areas. Often it’s the saturation point after extended periods of rain that can be the culprit. When the ground is saturated to the extent that additional rain can’t be absorbed there’s little place for the rainwater – and ground water – to go. Even the slightest low lying areas can be affected with several inches or more of water, and that’s enough to do damage to your home’s subfloor, flooring, carpet and tile.
To further answer the question of whether you should have a Columbia SC flood insurance policy, consider this. Your normal homeowner’s insurance policy doesn’t cover your home for damages caused by rising water. You have to purchase a separate flood insurance policy for that type of coverage. In addition, your Columbia SC flood insurance coverage must be in effect for a minimum of 30 days before you’re protected against a flood. In addition to separate flood insurance coverage, insurance experts recommend adopting a certain mindset when it comes to protecting your home. Many suggest asking yourself this simple question, “If the worst happened to my family’s home, are we protected?” If you said, “For the most part,” that may or may not be enough to answer the question and satisfy your peace of mind.
The simple truth is that almost any area is at potential risk of a flood event. Homeowners in South Carolina, for example, who had lived in their homes for 50 years or longer and never had even remotely come close to experiencing flooding became unwitting victims of the October 2015 flood. That’s the rarity – and danger – of the proverbial “1,000 year flood event.” And, as trite as it may seem, that’s the one you may have to insure against.
The good news is that Columbia SC flood insurance isn’t very expensive. A flood insurance policy is an easy, uncomplicated way to protect your home if a flood disaster occurs. Without flood insurance, even minor flooding of a few inches of water could cost thousands of dollars in damages and repairs. From a pure financial standpoint, flood insurance is much like other types of insurance – you pay for it, and don’t appreciate it until you need it – then, it usually takes but one claim to make you realize the benefit was worth the cost.
The bottom line is this. For peace of mind as well as for the safety and protection of your most valuable asset – your home – Columbia SC flood insurance should be something you consider. If you’re in a designated flood zone and have a mortgage on your home, your lender will require flood insurance. But remember, just because your lender doesn’t require it, that doesn’t necessarily mean you shouldn’t have it or don’t need it. Like other types of insurance, it’s strictly a personal decision. One suggestion, however, before you dismiss the idea completely, take a look at some of the heartbreaking photographs of the recent Louisiana flood and ask yourself this simple question, “What if it happened to me and my family?”
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Columbia SC flood insurance is something some people might say is a waste of money, but floods are obviously quite common in low lying areas that are surrounded by water. In these areas, not having Columbia SC flood insurance is like playing financial Russian Roulette in the event of a serious storm. Just look at what happened statewide here in South Carolina.
Columbia SC Flood Insurance Even If You're Not Near Water
What about homes that are not near a water source? Do they still need to be insured against the potential for flooding? Just ask any one of the thousands of homeowners right here in South Carolina who recently lost everything.
As it turns out, there are many claims for flooding that come from some of the most unlikely areas. It's not just a function of simple flooding that puts your home at risk.
First, think about what would happen to your home if just and inch or two of water covered your floors. How many of your personal items are touching the floor and how many electrical cords and extension cords do you have throughout your home just an inch or two off the floor, or worse, directly on the floor? How many of these things will put your entire home at risk if even a small amount of water enters in your home?
Ground water can start to meet the rain water when the ground is saturated. It doesn't take much to start noticing a significant rise in bodies of waters such as small ponds, lakes and streams. It doesn't take much for the overly saturated ground to start siphoning off rain water, which in turn creates flooding.
Floods can happen thanks to saturation of the ground just as easily as it can happen when ground water and rain water meet to cause excessive rain runoff which can lead to flooding. No matter where you live, you may very well find that you are suddenly noticing there is an increase in water saturation after heavy rain. Just ask anyone who was in a non-flood plain area in the path of the recent storm that hit South Carolina (and it wasn't even a named storm, just a lot of rain), or Hurricane Floyd in 1999, or anyone in non-flood prone areas where Hurricane Katrina wrecked havoc.
Every area is at risk of flood these days, even in the Columbia SC area. Flood insurance is not expensive and it is a simple way to protect your home in the event of a serious disaster like the one here in South Carolina. It takes very little water to do a tremendous amount of damage that can cost you thousands of dollars right out of your pocket if you don't have flood insurance. Some people who thought flood insurance was only for those who are near water lost their entire home and everything in it, including their cars. Flood waters can creep up on you quickly and be right at your front door before you know it. One simple flood insurance policy can mean the difference between being financially wiped out and being able to rebuild.
If you have questions about Columbia SC flood insurance, check out the information at the FEMA website about The National Flood Insurance Program. You can find more about not only Columbia SC flood insurance, but other types of insurance as well under the Columbia SC Insurance section of articles just below Columbia SC Real Estate Categories to your right.
Every year the same question about insurance rolls around about this time. "Do people really need flood insurance for Columbia SC homes?"
Consider this: Hurricane season in the Atlantic began June 1st and ends November 30th. The Eastern Pacific hurricane season began May 15th and also ends November 30th.
Hurricanes don't just affect coastal homes, but flooding well inland often occurs with land falling tropical systems.
Hurricanes are strong storms that can be life-threatening as well as cause serious property-threatening hazards such as flooding, storm surge, high winds and tornadoes. Preparation is the best protection against the dangers of a hurricane. And that includes deciding whether flood insurance for Columbia SC homes is a smart investment.
Hurricanes cause heavy rains that can cause extensive flood damage in coastal as well as inland areas. Everyone is at risk and should consider flood insurance protection. Flood insurance is the only way to financially protect your property or business from flood damage.
Predictions are pointing to the 2014 hurricane season being a mild season with a below average number of named storms predicted. But it only takes one storm hitting our area to make it a tragic season. In 1992, Hurricane Andrew was one of only four hurricanes that season. Still, it created widespread destruction.
Regardless of whether 2014 is active, or inactive, don't be caught off-guard. A regular homeowner's insurance policy does not cover Columbia SC homes for rising water. You need flood insurance to cover this, and in order to get flood insurance, you must have your flood insurance policy in force for a full 30 days before it will cover your property. And once there is a named storm anywhere in the Atlantic, no new policies can be written to cover that storm.
Flood insurance for Columbia SC homes is the only way to make sure your assets are covered in the event the Columbia SC area experiences any sort of flooding from rising water, not just from tropical storms. Consider yourself warned.
Find more tips under Columbia SC Insurance below Columbia SC Real Estate Categories to your right to help you decide if flood insurance is right for you.
Columbia SC flood insurance will still be affordable, at least for now, thanks to the Senate recently approving the Homeowner Flood Insurance Affordability Act to curb flood insurance rate hikes for homes and commercial properties.
Columbia SC Flood Insurance Remains Affordable Thanks to Senate Vote
The Senate voted 72-22 to approve the House legislation in order to be done with the issue. It had earlier passed a different bill to address the premium hikes that resulted from Congress' reforms of the flood insurance program two years ago. Those reforms moved the financially troubled program toward more risk-based premiums, but caused rate shock in many areas of the country, including here in Columbia SC .
The National Association of Home Builders praised passage of the legislation. "By providing a more affordable rate structure for policyholders and repealing point-of-sale rate increases, the bill is a boon for home owners and home buyers," said NAHB Chairman Kevin Kelly. "Further, it gives an important boost to home building and remodeling, while simultaneously shoring up the NFIP."
The National Association of Realtors President Steve Brown, said "We appreciate the Senate’s swift action on the legislation, which is a responsible and balanced solution to the skyrocketing flood insurance premiums affecting residential and commercial properties that were unintentionally triggered by the Biggert-Waters reforms to the National Flood Insurance Program."
As passed, the bill repeals FEMA's authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.
Check out our other articles and tips on Columbia SC flood insurance and homeowner insurance by clicking on the Columbia SC Insurance link to your right under Columbia SC Real Estate Categories.
A big question we hear asked quite often is, "do I need Columbia SC flood insurance for my home if I'm not near a body of water?"
Columbia SC Flood Insurance – Most Don't Have Adequate Coverage
One third of homes damaged by Hurricane Sandy weren't covered by insurance and most of those that were didn't have adequate flood insurance.
Consumer Reports says, not only should you have flood insurance, you should buy all you can afford. They receive no monetary gain by making such a statement, but do have everyone's best interest in mind when it comes to disaster coverage.
Check out our other articles and tips on Columbia SC flood insurance and homeowner insurance by clicking on the Columbia SC Insurance link to your right under Columbia SC Real Estate Categories.