Expert Tips on Flood Insurance So You Know Where to Buy

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Expert Tips on Flood Insurance

Hello, I'm here today with Mark Allen, our Charleston flood insurance expert. I'll be going over some commonly asked questions with Mark about this type of insurance, and how you can protect yourself and your property with it.

1. As a buyer, can I assume the flood policy on a home I wish to purchase? You certainly can assume the policy, but if you do, you will want to obtain a Flood Elevation Certificate. When the policy ends, you will have to have your home evaluated for this certificate, and you can get discounted insurance if your home qualifies.
2. How do I know if my flood policy will increase, and by how much? If you have a flood elevation certificate you can find this out by calling the number listed with it. Otherwise, you will probably need to give Mark or myself a call and we can find this information for you.
3. What are the different flood 'zones'? There are three different types of zones, and all of them pertain to risk level. Zones in the 'X' category are not considered to be in a flood area. Homes in zone 'AE' are in flood areas, but are not considered high risk. Zone 'VE' are homes in areas where wave impact is expected, and these zones are where the risk for flooding is highest, so premiums for these areas are also highest.

Flood Elevation Certificates are required in flood zones, and you can call us to find out if you are in a flood zone. With new legislation being enacted, if you did not have your property rated with a certificate, then your policy is subject to a 25% increase every year.

If you have any more questions you can contact Mark at (843) 216-2772 and email him at mark@1stcapitalins.com.

As always, feel free to contact me at (843) 795-7950 with any questions or inquiries.