Choosing the Right Flood Insurance Plan

Living in a flood-prone area in South Carolina means you need flood insurance. With several options available, choosing the right flood insurance plan can be a daunting task. After all, in the event of a hurricane, strong storm or other flood, your flood insurance is the only thing standing between you and disaster – so you want to make the right choice. Here are some things to consider when choosing a flood insurance plan for your home. 

Assess Your Flood Risk

The first step in choosing a flood insurance plan is to evaluate your home’s flood risk. If your house is on a hill far from a body of water, your flood risk is likely low. But if you live near the ocean or a lake, river, or stream, you are probably at a greater risk of experiencing a flood. Check out historical flood data for your area and check the flood zone classification of your home. Lots of great information about flood zones and risks can be found on the FEMA website here. Understanding your flood risk will help you determine the level of coverage you need and the types of insurance plans that are most suitable for your situation.

Research the National Flood Insurance Program 

The National Flood Insurance Program is a government-backed flood insurance option available to homeowners, renters, and businesses in participating communities. Research the NFIP policies and understand their coverage limits, exclusions, and premium costs. If your community participates in the NFIP, this may be the right coverage option for you. 

Consider Additional Coverage Options

Depending on your home and assets, you may need additional coverage beyond what the NFIP offers. Private flood insurance policies can provide higher coverage limits, additional benefits, and customization options that may suit your requirements better. 

Pay Close Attention to Coverage Limits and Exclusions

Carefully review the coverage limits and exclusions of any flood insurance plan you consider. Finding out after a flood that certain aspects of your property aren’t covered can add insult to an already disastrous situation. Ensure that the policy provides adequate coverage for your property and personal belongings, and pay attention to any exclusions or limitations. Some policies may have limitations on specific types of property, such as basements or detached structures. Understanding the coverage limits and exclusions will help you choose a plan that provides the protection you need in case of a flood. 

Understand Waiting Periods

Flood insurance policies typically have waiting periods before the coverage takes effect. The best course of action is to purchase flood insurance as soon as you buy your home, not when you see a hurricane coming on the Weather Channel. 

Read the Reviews 

Dealing with insurance companies is notoriously frustrating. Save yourself the headache of dealing with rage-inducing bad service by checking out the reviews of any flood insurance companies you are considering before purchasing a policy. A reputable insurer with a history of prompt and fair claims processing is essential when you’re in a situation when you need help and compassion fast. 

Compare Premium Costs

While cost should not be the sole factor in choosing a flood insurance plan, it is still an important consideration. Compare premium costs across different policies and providers to ensure you are getting competitive rates for the coverage you need. Balance the cost against the coverage provided, deductibles, waiting periods, and customer service scores to find a plan that fits your home and your budget. 

We Can Help You Navigate The Waters of Flood Insurance

At Edwards Insurance Agency in Taylors, SC, we help South Carolinians find flood insurance that keeps their homes safe when the weather turns sour. Give us a call today!