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Flood Insurance

Statistics for consideration:

  • Due to climate change and increased coastal urbanization, flood damage is expected to double every decade for the rest of the century. [National Academy of Sciences]
  • Of the 10 million properties in the U.S. at higher risk of flooding, slightly more than half are insured through the National Flood Insurance Program (NFIP). [Risk Assessment, Mapping and Planning Partners (2013) Flood Hazard Demographics and NFIP Policy/Claims Analysis (2013)]
  • There is a 26% chance that these at risk properties will experience a flood loss during their 30-year mortgage, with an average cost of more than $35,000 [Risk Assessment, Mapping and Planning Partners (2013) Flood Hazard Demographics and NFIP Policy/Claims Analysis (2013)]
  • There is a 1% chance of a home burning in the same 30-year term, costing an average of $18,000, and yet only 5% of Americans go without homeowners insurance. [NFIP]
  • With evidence of increased flood risk, why are less than 7% of homes and half of high- risk properties insured against flood? [NFIP/U.S. Census Bureau]

  • South Carolina Floodng

    In 2012, the U.S. Congress passed the Flood Insurance Reform Act of 2012 which calls on the Federal Emergency Management Agency (FEMA), and other agencies, to make a number of changes to the way the NFIP is run. As the law is implemented, some of these changes have already occurred, and others will be implemented in the coming months. Key provisions of the legislation will require the NFIP to raise rates to reflect true flood risk, make the program more financially stable, and change how Flood Insurance Rate Map (FIRM) updates impact policyholders. The changes will mean premium rate increases for some but not all policyholders over time.



    Flooding is the most common natural disaster.

    • Floods can occur almost anywhere at any time. You don't need to live near water.
    • Flash floods, inland flooding and seasonal storms bring flooding to every region of the country.
    • Just inches of water can cause tens of thousands of dollars in damage.

    Most homeowners insurance does not cover floods.

    • Only flood insurance financially protects your home and your personal property from floods.
    • A flood insurance policy compensates homeowners, renters and business owners for all covered losses, and as opposed to a disaster loan, there is no payback requirement.
    • The average flood insurance policy costs about $600 per year.
    • Once purchased, there is a 30-day waiting period for the policy to become effective, so don't wait to buy it!
    You can purchase flood insurance no matter what your flood risk is.
    • It doesn't matter whether your flood risk is high or low, you can buy flood insurance as long as your community participates in the National Flood Insurance Program.
    • You can get flood insurance if your house has been flooded before, and you can purchase it even if your mortgage doesn't require it.
    • People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding.

    Preferred Risk Policies provide protection at the best price.

    • For just $129 a year, homeowners can purchase a minimum of $20,000 building and $8,000 contents coverage ($25 more if there is a basement).
    • Renters can pay as little as $49 per year for $8,000 contents coverage.
    • Business owners can buy $50,000 building coverage and $50,000 contents coverage (per building) for just $567 per year.
    • Business owners who lease their space can purchase $50,000 contents coverage for just $162 per year.
    • To qualify for a PRP, the property must be located in a moderate-to-low risk zone.

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