Do I Really Need Flood Insurance?

My house is not in a flood plain.  Why would I need flood insurance?

Most of us think that if we’re not in a flood plain, we’re safe.  But, here in South Carolina we are subject to heavy rains and flooding from various sources, especially hurricanes.  You don’t have to be in a flood plain to experience flooding, and it can be devastating to your home.  Here are a few facts:

• Floods are the most common natural disaster in the US.
• Federal assistance only provides loans when the president of the US formally declares a disaster.
• There is a 25% chance of experiencing a flood in the life of a 30-year mortgage, compared to a 4% chance of fire.
• Think it won’t happen? Almost 25 percent of all flood insurance claims come from areas with low-to-moderate flood risk.
• Check out www.floodsmart.gov to look up your address and find out whether you are living in a low-to-moderate or high risk area.

In South Carolina, DNR administers the Flood Mitigation Program (FMP).  Here are a few quick facts:

• South Carolina alone has had more than $7 billion in flooding and hurricane damages over the past 12 years.
• Future floodplain development will increase property risk for flood damage.
• South Carolina ranks 17th in the nation for the number of repetitive loss properties.

For more information, visit http://www.dnr.sc.gov/water/flood/.

It is highly recommended that all South Carolinians purchase flood insurance, especially before hurricane season starts.  For more information, click here.  http://www.scinsnews.com/newsroom_detail.php?newsID=214, or to get a quote on a policy, contact Morgan & Associates today!