Flood Insurance:  Worth Talking About

Flood Insurance: Worth Talking About

| February 18, 2021

Where enough water gathers, any property can experience flooding.

While that is a broad statement to make, there is truth to it. If your home or business is located in a low to moderate flooding area, you may experience less frequent flooding than a house or business in a high risk for flooding potential.  But there is still a risk. 

According to the FEMA website, more than 20% of the National Flood Insurance Program claims come from low to moderate flooding areas.  

Flooding...When Least Expected

A few years ago, our Myrtle Beach and Columbia office areas experienced a 1000 year flood.  Many neighborhoods, not in a flood zone, flooded.  Most areas were not in a "flood zone" where coverage would have been mandatory by a lender.  There were many without flood insurance protection left to clean out the mud, muck, snakes, rip out dry wall, remove mildewed carpets and flooring, stripping their homes and businesses down to the bare framework all on their own.  While this event was horrific and displaced many people from their homes for months, it was an eye-opening reminder that sometimes nature will do something unexpected.  

Where Does The Water Come From? 

Flooding can be caused from:

  • Mudflows
  • Collapse of land alongside a body of water due to water currents
  • Heavy rainfall
  • Overflow of lakes, creeks, rivers 
  • Overflow of coastal waters
  • Hurricanes

What Does It Cover?

With the National Flood Insurance Program, as a homeowner or business owner, you can select the amount of coverage needed on your structure and also your belongings.  If you are leasing/renting a home, apartment, office space and do not own the building, you can select the amount of coverage needed on the items which belong to you within the structure.

Commercial business owners can insure their building up to $500,000 and $500,000 on contents.  While homes, including condos, can insure their structures for up to $250,000 and for up to $100,000 on contents.  This may seem minimal coverage limits, but this at least provides some form of protection and funding available to rebuild versus all out-of-pocket. 

Here are a few items covered under building:

  • Building structure and its foundation
  • Electrical, plumbing systems
  • Large appliances
  • Permanently installed carpeting

Here are a few examples of items protected under Contents coverage (this coverage is NOT automatically included when you purchase building coverage):

  • Everything that belongs to you -- from clothing to your furnishings
  • Rugs 
  • Washers and Dryers
  • Food freezers and what is inside them

Isn't Flood Protection Included In My Insurance? 

No, Flood Insurance protection is NOT included under either a business property insurance, home insurance, nor renters insurance policies.  It is a separate policy, and it does not go into effect immediately.  There is a waiting period of 30 days on the application before it becomes an active policy.  Which means, if a hurricane or severe storming is fast approaching your business or home, it is too late to get a flood insurance plan until the danger has passed by.  

How To Get A Quote

Contact Consultative Insurance Group today to receive a free flood insurance quote on your home or business!  It's really easy!

To get started, provide the following information to one of our team -- let them know you want flood insurance protection by sharing:

  • Your Name,
  • Telephone number/email 
  • Your business or home physical address.