Residents of Conway are no stranger to the damaging effects of floods. In 2018, more than 360 homes in this city were damaged by floodwaters, thanks to the heavy rains brought by Hurricane Florence. This storm caused widespread flooding throughout much of South Carolina. Residents who had flood insurance were covered against losses due to damaging floodwaters. Are you?
Flood insurance can go a long way toward shielding you from large financial losses caused by overflow events. A local independent insurance agent in Conway can help you secure an affordable policy through the National Flood Insurance Program (NFIP). Contact an insurance agent near you to get started.
What Is Flood Insurance?
Flood damage is extremely expensive, and it is not covered by conventional insurance policies like home insurance, renters insurance, and business insurance. Fortunately, the federal government stepped in in 1968 and created the National Flood Insurance Program, which provides affordable policies for people at risk.
Flood insurance is guaranteed coverage. You cannot be turned down for coverage due to previous flood damage, nor will your rates go up for filing a claim. Talk to a local independent insurance agent to learn more about flood insurance.
How Much Does Flood Insurance Cost in Conway, SC?
You can only purchase flood insurance through the NFIP government program. Rates for coverage are standard across the United States and are based on:
- Whether your property is in a designated flood zone
- How much structural coverage you are purchasing
- How much contents coverage you are purchasing
- Whether your house has a basement
- The amount of your deductible.
On average, homeowners in the US pay about $700 a year for flood insurance. Those in low-risk areas pay significantly less, while those with homes in designated flood zones will pay higher rates.
Average Rainfall and Flooding in Conway
Hurricanes and tropical storms can bring heavy rainfall to the Conway area. This can lead to overflow events, particularly near the Waccamaw River, Crabtree Swamp, and Altman Branch.
- US average annual rainfall: 38.61 inches
- Conway, SC average annual rainfall: 52.04 inches
Flooding can occur with very little warning. Remember, a flood policy takes 30 days to go into effect, so it is important to purchase your policy well before heavy rains are imminent.
Am I Required to Carry Flood Insurance in Conway, SC?
Mortgage lenders will require you to purchase flood insurance if your property is located in a designated Special Flood Hazard Area. If you live in a low- or moderate-risk area, your lender may or may not require this coverage.
Just because your home or business is not located in a flood zone does not mean you are free from the risk of floods. About 20% of all flood claims in the US are for properties that are located outside designated flood zones. In fact, following Hurricane Florence in 2018, more than half the homes in Conway that were damaged by flooding were in low-risk areas of the city.
What Does Flood Insurance Cover?
Flood insurance is made up of two parts: structural coverage and contents coverage. You can structure your policy to meet your specific coverage needs. If you are renting your home, you will only need to purchase contents coverage. If you have a house with an unfinished basement, you may be able to get by purchasing lower levels of contents coverage.
Structural coverage flood insurance
Homeowners can purchase a maximum of $250,000 in structural coverage, while businesses have a limit of $500,000. This insurance covers damage to your home’s foundation and equipment, including circuit breakers, water heaters, and your HVAC system.
Contents coverage flood insurance
Homeowners can purchase a maximum of $100,000 in contents coverage, while businesses have a limit of $500,000. This insurance can cover personal belongings kept on main floors as well as appliances, such as your washing machine, dryer, and freezer, that are frequently kept in basements.
What Is Not Covered by Flood Insurance?
Flood insurance does not cover all flood-related damage. Some things your policy will not cover include:
- Personal belongings kept in a finished basement
- Damage caused by earth movement
- Damage caused by mold, mildew, or moisture
- Landscaping and property kept outside your home
- Currency and important papers
Talk to your local independent insurance agent for more information about the limitations of a flood insurance policy.
Why Work with an Independent Agent in Conway, SC?
Independent agents in Conway can offer you guidance and advice when you are shopping for flood insurance for your home or business. They can also provide answers to any of your insurance-related questions.
Contact an insurance agent in Conway to learn more about flood insurance and any other insurance products that may be beneficial to you.
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