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Flood Insurance

What is Flood Insurance?
Flood insurance covers damage caused by rising water.  Flooding can happen anywhere - not just in coastal areas or near rivers and lakes.  Rain, snowmelt, mudslides, dam failures and inadequate drainage systems can all cause flood losses.

Who needs Flood Insurance in Myrtle Beach?
Almost all Homeowners Insurance policies exclude damage caused by a flood and any property can experience a flood.  Don't believe it if someone tells you that you are not in a flood zone, all of Myrtle Beach is in a flood zone.  You may live in a low or moderate risk zone, but that does not mean you have no risk.  Approximately 25 - 30% of all flood insurance claims come from areas with minimal flood risk.  Before buying a home or at anytime you are reevaluating your homeowners coverage, you should call us or another local licensed insurance agent to discuss flood insurance. 

How is Flood Insurance purchased in Myrtle Beach?

Flood insurance is easily attained through the National Flood Insurance Program (NFIP).  It is most commonly provided by a Write Your Own (WYO) Insurance provider.  The majority of carriers that provide home insurance also provide flood insurance through the WYO program.  We can generally give you a Flood Insurance quote for Myrtle Beach right over the phone and within just a couple minutes.  Since it is a FEMA program, the premiums are the same no matter what agent or carrier you go to.  Getting a flood insurance policy is typically as easy as signing an application and making a payment.  It is important to point out that flood insurance premiums must be paid in full and there is a 30 day waiting period when buying a new policy.  There are some exceptions to the 30 day waiting period - ask an agent for details.

What types of Flood Insurance are available? 
There are two basic types of flood insurance policies for residential and non-residential buildings.  Generally the flood hazard zone you live in determines the type of policy you should buy.  A 
Preferred Risk Policy (PRP) is for moderate-to-low areas such as zones B, C, and X.  They must also meet other certain eligibility requirements based on the building's flood loss history.  Visit floodsmart.gov for current PRP coverage and premium options.  Higher risk zones such as A, V, and other zones with a prior flood loss history may qualify for a Standard Rated Policy.  It is best to contact a local licensed agent to discuss this in detail.   

Here are some resources where you can learn more about flood insurance.
 
Check the flood risk for your address.                                  


NFIP Facts about Flood Insurance (document)             
NFIP Summary of Coverage (document)            
NFIP After the Flood (document)
FloodSmart.gov - What's covered? (website)               
FloodSmart.gov - The Basics (website)

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