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GSP Insurance Group Blog

Protecting Your Investment: The Importance of Flood Insurance for Property Owners in Beaufort County, SC

9/7/2023

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South Carolina’s Risk of Natural Disasters

​South Carolina boasts picturesque landscapes and an inviting southern ambiance. Yet, the state is no stranger to natural disasters, especially flooding. Given its extensive coastline and numerous rivers, Beaufort County and other parts of South Carolina are prone to issues like tropical cyclones, torrential rains, and storm surges. The area has weathered several severe floods in recent years, causing substantial damage to real estate.
For property owners in Beaufort County, understanding the distinctions between home insurance and flood insurance is vital. Standard home insurance policies generally do not cover damages arising from external water levels rising, such as in the case of flooding. Flood insurance is a separate policy designed to protect your property and investment against such risks.
Having appropriate flood insurance coverage can be a financial lifesaver, filling the coverage gaps left by standard home insurance. This article aims to delve into the advantages of securing flood insurance, explore the variety of coverage options available, and illustrate how it can offer peace of mind for property owners in Beaufort County, South Carolina.
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Navigating the Storm: Understanding the Home and Auto Insurance Market in Beaufort County, South Carolina

6/14/2023

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Introduction
South Carolina, a state known for its picturesque landscapes and welcoming communities, is currently facing unprecedented challenges in the home and auto insurance market. Within this vibrant state, Beaufort County has emerged as a battleground where residents are grappling with the impact of rising insurance rates. Across the board, homeowners and drivers are witnessing an alarming increase in premiums. Additionally, the market is witnessing a growing trend of carriers either withdrawing altogether or implementing stricter underwriting guidelines and higher down payment requirements. This phenomenon has earned the title of the "hardest insurance market" in a generation across the country. In this blog article, we will delve into the state of the home and auto insurance market in Beaufort County, explore the factors contributing to the difficulties, and provide insights on how to navigate this challenging landscape.

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South Carolina Coastal Insurance 2023: State of the Market

2/16/2023

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South Carolina's beautiful coastal region has always been a prime location for homeowners looking to enjoy the stunning beaches and year-round sunny weather. However, this picturesque region has faced its share of natural disasters, including hurricanes, flooding, and severe storms, leading to a significant impact on the coastal home insurance market.

Over the past few years, South Carolina's coastal insurance market has undergone some significant changes. Let's take a closer look at the current state of the coastal home insurance market in South Carolina.


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Flood Insurance- NFIP Vs Private Flood

9/2/2022

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Introduction

Flood insurance is designed to protect your home, and it can also pay for other types of property damage if you're ever hit by a flood. It's important to know that your homeowner's or renter's insurance policy won't cover floods or water damage caused by them. You may be required to buy flood insurance if you live near the coast or in one of the high-risk flood zones designated by the Federal Emergency Management Agency (FEMA).

Flood Insurance Basics:
  • Flood insurance is available to homeowners, renters, business owners, condo unit owners and co-op unit owners.
  • You don't have to live in a high-risk flood area to need flood insurance. More than 20 percent of flood claims come from moderate-to-low risk areas, and flooding can occur anywhere it rains. Flooding is one of the most common natural disasters that can cause damage and injury or even death. If you live in a high-risk area but don't have National Flood Insurance Program (NFIP) coverage, you may be able to buy private flood insurance at the same price as NFIP coverage—or even less!
  • Flood insurance is a separate policy that you must buy. It is not part of your homeowner's insurance, or renter's insurance policies.
  • Flood zones are not just determined by location; they also factor in elevation and your home's floor level.
  • If you live in an area with a high risk of flooding, you may need to buy flood insurance. But how do you know if your home is at risk? Before buying private flood insurance, it's important to understand what makes a property more likely to flood and what can be done to mitigate any risk.
  • More than 90 percent of all natural disasters in the United States involve some sort of flooding.
  • A flood is the most common natural disaster in the United States, according to the Insurance Information Institute. Floods cause more than $1 billion in damages every year and affect 9.7 million people each year. In fact, flooding is so common that 91 percent of all natural disasters involve some sort of flooding.
  • Your mortgage lender may require you to buy flood insurance if you live near the coast or in a high-risk flood zone.

National Flood Insurance Program (NFIP Policies)
  • The National Flood Insurance Program provides flood insurance and related services to homeowners, renters, business owners, condo unit owners and co-op unit owners. If you are a renter, you can buy a flood insurance policy on your landlord's property. You may also be eligible for coverage if you live in an area that is at risk of flooding such as New York City or San Francisco Bay areas. The NFIP offers two types of policies:
  • A Standard Policy - provides coverage up to $250,000 for buildings and contents (personal belongings) up to $100,000
  • A Special Risk Policy - covers additional property such as cars or boats
  • Being prepared ahead of time is key because a policy takes effect 30 days after you buy it. So if a flood occurs right before your policy starts, you'll be left without protection.
  • Get a quote as soon as possible to make sure that you're covered in case of emergency. Don't wait until it's too late!
  • In order to get an accurate quote and make sure that you're protected, talk to an agent immediately. You can also get a quote online or over the phone with just a few clicks or calls-it's easy!


Private Flood Insurance
  • Private insurers offer both primary and excess policies (replacement cost vs actual cash value).
  • You can get up to $4 Million Dollars in Building Coverage and up to $500,000 in Contents Coverage
  • Private Flood Policies can take effect as soon as 10 days after you buy it (versus 30 days with NFIP)
  • Private Flood will also allow you to cover things like Unattached Structures, Pool Repair, Replacement Cost on Contents, and Temporary Living Expenses

Conclusion

Making sure you're prepared for the next flood season is important. If you live in a moderate or low risk zone, then it probably won't affect your home insurance too much. However, if you live in an area that experiences frequent flooding, then it's best to get flood insurance before anything happens so that it doesn't disrupt your lifestyle any further than necessary.

Author

Tyler Grizzle- Partner at GSP Insurance Group
843-707-4473
[email protected]

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South Carolina Headquarters

Main: (843) 707-4473
Toll Free: (833) 414-3040 
​​8 Buckingham Plantation Drive
Bluffton, SC 29910

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Toll Free: (833) 414-3040                               115 East Main Street, A1B-6P
Buford, GA 30518
Blufton, SC photo by Mike Tilley | CC-BY-3.0 | Website by InsuranceSplash