What You Should Know About Flood Insurance

I sat down with insurance expert Mark Allen to find out the keys things you need to know when considering flood insurance.

There are many great Charleston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (843) 972-3833 for a FREE home buying or selling consultation to answer any of your real estate questions. 

We all know that weather can be unpredictable, and although hurricane Matthew was luckily not as bad as we expected it to be, it showed how important it is to have flood insurance in the Charleston area.

Insurance expert Mark Allen dropped by to explain why it’s so important to have an insurance plan in place and what to look out for when selecting a polifcy. Here are some things to consider when selecting flood insurance:

1. Think of your insurance policy as an invisible safety net. Living on the coast has its perks, but if Mother Nature takes a turn for the worse, having a plan to fall back on for repair or damage costs will make sure you can sleep easy. 
2. Most homeowners insurance policies will cover not only flood but also wind and hail damage. Making sure you cover all your bases when it comes to unpredictable weather is key. Luckily, you can select a policy that will have you covered in any circumstance.
3. Make sure you check to see if you have one or several policies covering you for flood and weather related damage. Homeowners insurance should cover everything, and it’s much easier to have one policy than have several with different deductibles and coverages.
4. Remember that not all policies are created equal. Different policies will include different deductibles or coverage amounts and different types of coverage as well. Make sure your policy is right for you and your home. 
5. Don’t fall for the “sticker price.” Many insurance agencies will try to sell you a policy without combing over the fine details. Different coverage amounts and types of coverage can sneak in, so make sure you know exactly what is and is not in your policy. 
6. Don’t forget about your personal items inside the home. Make sure you have proper coverage for both the inside and outside of your home. 
7. Talk to someone who will insure your home in the way they would want their home insured. Finding an insurance agent who walks you through your policy and makes sure you understand all the details, like what you are taking out or including, will help make sure you are getting the right coverage for the right house. 
8. Get a flood quote. At the very least, you will understand what it is going to cost to include your personal items in your flood coverage. 

If you have any further questions regarding flood or homeowners insurance feel free to give Mark a call, visit 1stCapitalIns.com, or shoot him an email. If you have any questions about the Charleston or Mt. Pleasant real estate markets or you're considering buying or selling a home, give me a call or send me an email. I'd be happy to help.

Expert Tips on Flood Insurance So You Know Where to Buy

There are many great Charleston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (843) 795-7950 for a FREE home buying or selling consultation to answer any of your real estate questions.

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.