Columbia SC insurance companies are keeping a watchful eye on the latest storm surge report issued by CoreLogic for 2016. While the report specifically references the more than 6.8 million homes on the Atlantic and Gulf coasts at risk of damage from hurricane storm surges, the harsh realty is that flooding – regardless of whether you’re on the coast or not – is responsible for major damage each year throughout the United States. Let’s take a more in-depth look into what you can do to better prepare for the potential risks of flooding.

Columbia SC Insurance – Water, Water, Everywhere?

As is the case with any natural disaster affecting homes and homeowners, potential damage due to flooding can push repair and reconstruction costs into the billions of dollars. With the number of homes and the costs to repair or rebuild them reaching historical highs, it pays to be vigilant regarding possible flood events caused by high winds, storm surges, dam breaks or swollen rivers.

If you’re like most people, you try not to think about a disaster like a flood that may adversely affect your property or your family’s safety. Often, the old adage “Out of sight, out of mind” rings true. After all, if it’s been years and years since your area has experienced a major flood event, it’s just not something you think about – or worry about – very much. Columbia SC insurance insiders refer to the phenomenon as “flood amnesia,” a reference to the idea that we tend to forget floods happen. And if flooding doesn't happen on a frequent basis, we tend to ignore it.

However, if you live in a flood-prone area, weather changes are worth being cautious about – and prepared for. If you have flood insurance, you most likely obtained it because it was required by your mortgage lender. But required or not, it’s a good idea to keep it. After all, like any other insurance, it’s better to have it when you need it than to not have it and wish you did.

While the coastal areas and neighboring states prepare as best they can for what many experts warn may be an unusually active hurricane season, Columbia SC insurance experts say you should be equally prepared for the unexpected – that could result from potential flooding.

Safeguard your possessions. Make a personal “flood file” including information on all your home’s possessions and your personal belongings. Keep the file in a safe, secure and dry place like a safe deposit box or a waterproof container. Make sure the flood file contains the following:

• A copy of your insurance policies along with your agent’s contact information (preferably with his cell phone number) if power lines are down or if offices are closed.
• A household inventory list including a written or visual record of the major household items, valuables and other belongings. Many people have a photo album or home video documenting home possessions. Be sure to include serial numbers and store receipts of major home electronics and appliances. Make sure to have any artwork or jewelry appraised and insured separately, if needed. Many of these documents will be vitally important in the event of an insurance claim.
• Copies of other important documents, including financial records and receipts of major purchases. You may need these to substantiate a Columbia SC insurance claim.

Columbia SC Insurance – Prepare Your Home

Ensure that your sump pump is working properly. Then, install a battery-operated backup in the event of a power failure. Consider installing a water alarm to alert you if water accumulates in your home’s basement or crawl space. Make sure to remove any debris from your gutters and downspouts. If you have fuel tanks, make sure they are anchored securely. Raise your electrical components like switches and circuit breakers a minimum of one foot above your home’s projected flood elevation. Place the water heater, furnace, washer and dryer on cement blocks at least a foot above the projected flood elevation. Lastly, move your furniture, valuable possessions and important documents to a safe, dry place.

Have a family emergency plan. Of course, nothing is more important in the event of a natural disaster than your family. Possessions can be replaced – the safety of your loved ones is something to always prepare for in an emergency.

• Start a safety kit including drinking water, canned foods, first aid and medicines, blankets, a radio and a flashlight.Make sure you have fresh batteries.
• Post emergency telephone numbers by the phone or in your cell phone and teach your children to dial 911 if they need to.
• Plan and practice – more than once – a flood evacuation safety route with your family.
• Be aware of the safest routes from home, work and school that are on higher ground.
• Make sure you have an out-of-state friend or relative that can be your emergency family contact.
• Have a plan in place to protect your pets.

With a little advance planning, you can ensure your home and your family can be ready if and when the unexpected occurs.

You can find more articles pertaining to Columbia SC insurance in the Columbia SC Insurance section of our site below Columbia SC Real Estate Categories in the column to your right.

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Columbia SC insurance – like many other goods and services – depends on several factors and can vary from carrier to carrier, and house to house. Homeowners insurance experts say that insurance premiums and coverages can very from one house to the next, even if they’re on the same block in a subdivision. With the cost of living seemingly always on the rise, shouldn’t you be vigilant in making sure you’re not paying more than you should be for Columbia SC insurance premiums for your home? Let’s take a look at a few tips that may help you get the very best deal on your homeowners insurance.

Columbia SC Insurance: Ways to Save Money

Bundle, bundle and bundle some more. If there’s one word that’s more often suggested and sold to consumers today, it’s “bundle.” The concept has always been around. Early general stores offered their customers discounts if they bought feed, seeds and planting equipment together. The merchant was able to increase his total sale and, in exchange for the higher sale, he could offer a small savings to this customer. Insurance, like telephone, cable and Internet companies these days do the same thing. Many insurance providers will offer as much as a 15% discount or more on your homeowners insurance premium if you allow them to bundle it with your automobile or other insurance coverage. Usually, it’s a "win-win” for the consumer since he has all his insurance coverage in one convenient place and only has to deal with one company in the event of an accident or other loss.

Inquire about other available discounts. Insurance carriers sometimes advertise only some of their discounts, but fail to mention others. Often, just asking your agent about available discounts may lead to positive results and money-saving policy premiums on your Columbia SC insurance.

Prepare your home for disasters. While none of us wants to think about any kind of fire, peril or natural disaster, they do happen. If you live in an area of the country known for natural disasters such as hurricanes, tornadoes or wildfires, it’s best to be as prepared as possible. Some insurance companies can save you up to 30% or more on your homeowners insurance if you perform a few basic disaster preparedness steps. While most major insurance carriers cover homes meeting the Institute for Business and Home Safety (IBHS) requirements to get the highest discounts, ask your agent about what his company offers. You may be pleasantly surprised to learn that making a few minor improvements or performing a handful of preventative maintenance will pay off in the event of a natural disaster.

Install a burglar alarm system. Burglary or vandalism to your home is one of the leading reasons insurance claims are so high. Subsequently, your Columbia SC insurance premiums can be significantly decreased by installing a burglar alarm to reduce the risk of your home being burglarized. Homeowners who install quality alarm systems may be able to save as much as 20% in insurance premiums. Due to the proliferation and popularity of the accompanying technology, the cost of alarm systems has come down dramatically in recent years. The savings on your insurance premiums will likely enable you to recoup your investment in a short period of time.

Increase your deductible. By raising your deductible, that is, the amount you have to pay out of pocket before the insurance company will pay the remainder of your claim limits, you can save a substantial amount of money. Columbia SC insurance deductibles can range from $500 to $5,000 or more. Of course, a higher deductible means the insurance carrier is less likely to have to pay a claim – meaning they are willing to pass some of those savings on to you. A word of caution, however:  Make sure you can afford to pay the deductible in the event of a loss. Having a too-high deductible that you can’t pay will only lead to additional problems when and if you have a fire, peril or other loss.

Don’t carry more insurance on your home than you need. In nearly every case, you should carry no more than full market coverage – and it’s usually worth having that amount of coverage. We recommend you have your home inspected by an independent contractor who can provide you a second opinion of its value. Beware of insurance agents that inflate your home’s value to get you to pay higher premiums. And, just as a reminder, the land on which your home is situated can’t burn down, so there’s no need to include its value in the overall replacement coverage of your home and any outbuildings, etc.

Maintain a good credit score. Believe it or not, your credit score can impact your Columbia SC home insurance premium costs. Insurance carriers – like a growing number of businesses – reward their customers for paying their bills on time. Conversely, if they deem you a credit risk or a slow-payer, the premiums may be higher than normal.

Review your policy and premium rates every year. Insurance rules and regulations change from time to time. In addition, the cost of replacement materials can fluctuate – up and down – according to supply, demand and new technologies. Make sure you’re up to date on all the component parts that comprise your homeowners insurance policy. Staying abreast of changes will not only keep you informed, but it could also save you money when the time comes to compare policies and coverages with other insurance carriers.

It’s your responsibility. No matter how good your relationship is with your current insurance carrier or agent, at the end of the day saving money on your home insurance is your responsibility, not theirs. So, be vigilant and keep your eyes open for areas in which you can save money. A little here and a little there can add up to be a lot of money over the life of your insurance coverage. And, of course, you’ll always want to have insurance as long as you have a home to insure.

Read more articles pertaining to insurance in the section of articles on Columbia SC Insurance just below Columbia SC Real Estate Categories in the column to your right. Remember, we also post tips daily on Facebook and Twitter. We hope you'll check us out there, too.

Columbia SC insurance… what does it have in common with energy efficient homes? According to green construction experts, it is expected the number of U.S. homes using energy efficient solar panels may soon reach a million. The concept of solar power has been around almost as long as man has wondered about harnessing the sun's energy. While solar water heaters were first used in California in the 1890s, it wasn't until the 1970s when oil prices were rising that solar began gaining traction as an alternate energy source. Oil-rich middle-eastern countries placed an embargo on oil shipped to the U.S. The state of California was among the first to offer a 55% tax credit for solar systems purchased by businesses and homeowners. By the 1980s large solar thermal power plants started being built and photovoltaic power plants began as demonstration facilities to test the accumulation and utilization of solar energy.

Delivering solar energy in an effective, affordable manner has always been the biggest challenge. Generating electricity by solar (either a thermal facility or photovoltaic) is still more expensive than using natural gas. Today, roughly 11% of California's total electricity system is from renewable energy (wind, solar, geothermal) and of that total, solar comprises less than 1% – primarily due to cost concerns. With this in mind, let's answer the question, "Does it cost more to insure a solar home?"

Columbia SC Insurance – Solar Costs

As mentioned above, it is expected that the number of American homes that have switched to solar energy will reach the million mark sometime this year. That number may not sound very impressive given the length of time solar capture technology has been in existence. However, just a decade ago the U.S. had only 30,000 solar homes. The growth in the market since that time has been extensive.

Despite the rise in solar popularity, a number of prospective solar homeowners are still "on the fence" when it comes to the decision of whether to go solar. The most frequent questions concern the cost of installation and maintenance, aesthetics and design, and what affect going solar will have on their Columbia SC insurance premiums. As one homeowner contemplating a solar home asked, "What will it cost me to insure my home with a few hundred pounds or more of silicon and glass on my rooftop?"

To answer that question let's look at the facts. Understanding them will probably convince you that most homeowners have less reason to be concerned than they may think. Solar panels for residential homes are becoming more affordable than ever – in addition to getting more aesthetically pleasing. So, reducing your home's carbon footprint with sustainable energy won't mean a substantial increase in your homeowners' insurance premiums. Consider these reasons:

A house is a house and a green home is still a home.
It's possible to purchase a third-party insurance policy to cover just your solar panels. However, most standard Columbia SC insurance policies provide that coverage. For example:

Coverage on the dwelling. Most standard homeowners' policies provide coverage on the dwelling or the home's structure, including the frame, the walls and the roof. Solar panels mounted on the rooftop are considered part of the home's structure and are usually covered. As a matter of fact, depending on the design of the solar panels they may even provide your roof with added protection from rain, hail and high winds.

Coverage on other structures. Some solar powered homes receive their energy from ground-mounted solar panels. Ground-mounted panels use the same technology as roof-mounted panels. A Columbia SC insurance policy featuring coverage for other structures would likely include ground-mounted solar panels just like they would a tool shed, detached garage, or workshop.

Of course, specific coverage limits vary according to the insurance provider and the type of policy, but the basic concept of home insurance remains consistent. Furthermore, a home is still a home regardless of whether it's powered by renewable energy or not.

Saving with solar.
With the growth in energy efficiency and sustainability, the topic of green insurance has received more attention than ever. Homeowners who are environmentally conscious will be happy to know there may even be money-saving opportunities when it comes to insurance premiums. Let's look at two examples:

Premium discounts are available for homes meeting certain energy-efficient and sustainability standards, and solar power should certainly contribute to that goal. One popular example is the Leadership in Energy and Environmental Design (LEED) certification. While the LEED standards are strict, your Columbia SC insurance provider may offer a discount if your home meets the program requirements. In addition, as an energy-efficient homeowner, you could become the beneficiary from the highly-regarded reputation of other low-risk consumers known for their commitment to responsibility, creditworthiness and trust. Those traits may translate into lower premiums.

Lastly, the more you know and understand about solar energy and installing solar panels in your home, the better off you'll be when it comes to anticipating all the costs associated with solar. Remember, the technology has come a long way – and will likely progress even further in the near future.

As always, we recommend you discuss insuring a solar-powered home with your Columbia SC insurance agent. Learning more about the costs may separate fact from fiction and shine a little light on the subject of going solar.

You can find more articles pertaining to Columbia SC insurance in the Columbia SC Insurance section of our site below Columbia SC Real Estate Categories in the column to your right.

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Columbia SC insurance can be challenging for older homes. Older homes – especially homes that may have been built in the late 1800s or early 1900s – often present issues, both seen and unseen. Even in a well-maintained older home, behind the gracefully aging walls may lie unsafe electrical wiring. Beneath the unique bathroom fixtures, bath tubs and sinks there may be inferior plumbing or corroded pipes. These and other conditions could leave to major problems and unexpected expenses. Let's take a look at some special homeowners insurance considerations for older homes.

Columbia SC Insurance: Insuring Special Needs

No doubt owning an older home can be a satisfying source of pride in the workmanship and architecture of a bygone era. Many older homes offer unique features that just aren't prevalent in today's residences. Some homeowners inherit properties that once belonged to their parents or other relatives. In some parts of the U.S. maintaining the "old homestead" is almost a duty that comes with being part of their family heritage.

As charming and nostalgic as an older, historic home may be, they can also pose potential problems if damages occur or repairs are required. Because of this, it's important for homeowners to understand all the "ins and outs" of owning an older home. None the least of which is the type of Columbia SC insurance coverage that may be required.

Typical homeowner's insurance policies provide coverage in the event a fire or other peril causes damage to your home. Usually, of course, a standard homeowner's insurance policy covers the cost of repairs or replacement based on your home's value – less the deductible you carry on your policy. Older homes, however, require special insurance needs.

Older Home Needs

If your home is fifty years old or more, standard building codes and practices have changed dramatically since it was first built. It's a fairly safe bet that older homes fall short of meeting today's electrical and plumbing requirements. In fact, if the electrical or plumbing systems have not been updated, homeowners may find it difficult to obtain insurance coverage on the home.

Many cities and towns throughout the U.S. have ordinances that require an older home or other building to be demolished if it suffers damage to 50% or more of the structure. If the structure is to be rebuilt, it is required to meet the current building codes and specifications. A standard homeowner's insurance policy doesn't cover the undamaged portion of the home. When that occurs, the homeowners may find themselves responsible for tens of thousands of dollars for the cost to demolish and haul away the debris. In addition, if they choose to rebuild, they will be responsible for those costs as well.

In the case of a older home that isn't required to be torn down, it still will require repairs that conform to the current building codes and standards.

In addition to repairing or replacing older homes, there is the major issue of the cost of rebuilding. More often than not, the cost of rebuilding the home is considerably higher than its value – on which the insurance coverage is based. As an example, say a 75-year-old home is valued at $150,000 yet costs $250,000 to completely rebuild, homeowners covered by a typical, standard Columbia SC insurance policy would receive just $150,000 as a claim payment. The remaining $100,000 – if they elected to rebuild the house – would be their responsibility.

The Requirements for Historic Homes

Some older homes may be included as part of a designated historic district in a city or municipality. A home in a historic district carries with it even more requirements and restrictions about how it can be repaired or rebuilt in the event of damage or loss. While new construction materials may be used in the reconstruction or repair, the materials may have to conform to certain historical standards and appearances. Often it is required that new construction must use materials that comply with the stated regulations for the historic district.

As one can imagine, if specific materials are required for repair or construction, the building cost will likely be higher than that of normal construction. This, of course, can create quite a financial obligation for the homeowner. As such, it's vital to be aware of the requirements that come with ownership of an older home – especially one that's designated as an historic home. In addition, simple repairs that aren't performed in accordance with the required ordinances may be subject to penalties and fines, and will be required to be redone in order to comply with the law.

Ordinance and Law Coverage

While traditional Columbia SC  insurance policies do provide some building ordinance coverage to enable repairs to comply with local laws, the coverage has limits. As a general rule, it won't be enough to cover the demolition of an undamaged part of the home and rebuilding it according to the current codes and requirements. By increasing the ordinance and law coverage, a policy will be able to include all costs if demolition and rebuilding is required.

Columbia SC insurance experts recommend adding ordinance and law coverage to all older homes that are required by law to be demolished in the event it's partially damaged by fire or other peril. They cite this coverage as the best way to protect their property from repair and replacement costs that they may not be able to absorb in the absence of sufficient coverage.

You can find more articles pertaining to Columbia SC insurance in the Columbia SC Insurance section of our site below Columbia SC Real Estate Categories in the column to your right.

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Having a Columbia SC insurance policy is vitally important to both mortgage lenders and property owners. And no subject is quite as controversial as "force-placed" or "lender-placed" insurance coverage. As the name implies, lender-placed insurance is a policy implemented by the mortgage holder in the event the homeowner has insufficient coverage or allows the coverage to lapse.

Lender-Placed Columbia SC Insurance Isn't New

Forced coverage by mortgage lenders has been around for a long time. At first glance, most people would logically agree that a lender has the right — even the obligation to its shareholders — to insure the asset it financed in the event the borrower isn't sufficiently covered by flood insurance, fire, or other perils. Where most consumers, especially those homeowners who have had lender-placed insurance imposed upon them, have a major concern is when the cost of the insurance is considered exorbitant, non-competitive, or excessive. To many, the commission received by the lender from the insurance company is considered a "kickback."

There is continuing controversy surrounding forced insurance and the whole notion of the kickbacks lenders receive. With the implementation of the Dodd-Frank legislation and the origin of the Consumer Financial Protection Bureau (CFPB,) many industry insiders question why this practice still remains.

An industry landmark legal case led the CFPB to establish a checklist designed for loan servicers regarding forced-placed insurance. It was decided that steering homeowners into higher-cost insurance policies was not a good business practice. Two participating companies — a bank and an insurance firm — agreed to pay $1.8 million to end a class action lawsuit and return a substantial amount of the insurance commissions to the consumers involved.

The lesson to be learned here for homeowners with Columbia SC insurance policies is to make sure they meet minimum requirements to cover your mortgage and, if required, maintain flood insurance coverage at all times. Failure to do so will result in the mortgage lender taking out a policy on your behalf — and charging you for it.

See more news pertaining to Columbia SC insurance under our Columbia SC Insurance section of articles to your right just below our Columbia SC Real Estate Categories. We also post tips on Facebook and Twitter. Follow us there for many other real estate related news articles and tips, as well.