According
to a survey by Bankrate.com, 81% of Columbia SC homeowners know that a standard homeowners insurance policy doesn't cover flood damage, but a separate survey by the Insurance Information Institute found that only 13% of Columbia SC homeowners had a flood insurance policy.
The Federal Emergency Management Agency (FEMA) and its National Flood Insurance Program (NFIP) identify flooding as the United States’ No. 1 natural hazard.
Princeton Survey Research Associates International surveyed 1,003 U.S. adults, on behalf of Bankrate.com. The telephone survey was fielded from April 4 to 7, 2013. The survey responses were weighted by gender, age, education, race, Hispanic origin, region, and telephone status. Interviews were conducted by landline and cell phone.
Based on a Researchscape assessment of the questionnaire and methodology, this survey is moderately likely to be representative of U.S. consumers in general. The awareness question is a leading question that may overstate actual understanding that flood insurance is not included in homeowners insurance.
In a prepared statement, Michael Barry, spokesman for the Insurance Information Institute, an industry trade group, said "I was very happy that 4 out of 5 survey respondents understood that standard homeowners insurance does not cover flood. This number is a much higher awareness level than we've seen in the past."
FEMA usually classifies properties as either high flood risks or low-to-moderate flood risks. Bankrate.com asked Columbia SC homeowners whether or not they know the correct classification for their home and only 51% said they know the correct risk category.
Statistics show that recognizing the need for separate flood insurance does not always lead homeowners to purchase it. An Insurance Information Institute poll last year found that the number of American households with flood insurance actually decreased from 17 percent in 2008 to 13 percent in 2012.
Amy Bach, executive director of United Policyholders, a San Francisco-based non-profit advocacy group for insurance consumers, says some homeowners get lured by history into a false sense of security. "People have this notion that if it hasn't flooded in the past, it's not going to flood," she says. "While I can understand that thinking, I wouldn't trust it anymore because of Sandy and all the talk about climate change. If you live near a body of water, it behooves you not to use the past as your only decision point."
Columbia SC homeowners are urged to study their local flood map carefully to make an informed decision. The best place to start? The NFIP's user-friendly consumer site, FloodSmart.gov.
For more information concerning insurance, check out our other articles about Columbia SC Insurance to your right under the Columbia SC Real Estate Categories.
Flood insurance in Columbia SC 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, especially around Columbia SC, not having flood insurance is like playing financial Russian Roulette in the event of a serious storm.
Flood Insurance If You’re Not Near Water?
What about homes that are not situated right in front of a water source? Do they still need to be insured against the potential for flooding?
Of course they do. 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 Columbia SC home at risk.
First, think about what would happen to your home even if just two or three inches of water covered your floors. How much of your personal belongings touch 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, lying directly on the floor? How many of these things will put your entire home at risk if there was even just a small flood 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 innocuous bodies of waters such as streams and ponds. 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 Hurricane Floyd in 1999, or anyone in non-flood prone areas where Hurricane Katrina wrecked havoc.
Every region runs the risk of flood waters 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. It takes very little water to do a tremendous amount of damage that can cost you thousands upon thousands of dollars right out of your pocket if you don’t have flood insurance. 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 flood insurance, check out the information at the FEMA website about The National Flood Insurance Program.