Here in the Lowcountry, the gorgeous views of the water are plenty. The Charleston Harbor, which houses the Ashley and Cooper River, is nature’s playground for local residents and tourists. Boating, fishing, paddle boarding, kayaking, dining on the water, and visiting the beach are among the most popular water activities accessible to our area. For some, living near the water, and building beachfront properties is a hot luxury but you may be asking yourself, do I need flood insurance?
But, what happens when we have a hard rainfall or hurricane rip through the area? Because Charleston is on the coast, storm surge and tidal flooding are common threats to property. According to the Federal Emergency Management Agency (FEMA), just one inch of water can cause an estimated $25,000 worth of property damage. The good news is that flood insurance can help recuperate homeowners’ losses due to flooding.
How do I Know if I Need Flood Insurance?
It is important to note that the majority of Homeowner’s Insurance policies do not cover flood damage. This is where Flood Insurance comes into play. Flood Insurance can cover losses to both the building and contents of homes due to rising water. The cost of Flood Insurance is based on several factors including, but not limited to: elevation, flood zone, venting, and usage. A licensed insurance agent can help homeowners receive a tailored Flood Insurance quote for their unique property.
Owning a home is a huge asset. When living in a coastal area, it is paramount to assess the risks Mother Nature can bring. Flood Insurance is a critical way homeowners can protect one of the largest investments of their lifetime.