D Flood Insurance
There's something you should know: Flood losses are usually not covered by your homeowners insurance policy.
Floodwaters have the power to damage not only your home and sense of security, but also your financial future. How can you protect your most important investment in case of flooding?
Option 1: Hope that you'll receive Federal disaster relief if a flood hits.
Many people wrongly believe that the U.S government will take care of all their financial needs if they suffer damage due to flooding. The truth is that Federal disaster assistance is only available if the President formally declares a disaster. Even if you do get disaster assistance, it's often a loan you have to repay, with interest, in addition to your mortgage loan that you still owe on the damaged property.
Most importantly, you must consider the fact that if your home is flooded and disaster assistance isn't offered, you'll have to shoulder the massive damage costs alone. The bottom line is that if you're looking for secure protection from financial loss due to flood damage, Federal disaster assistance is not the answer.
Option 2: Buy flood insurance and sty protected no matter what.
When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not Federally declared. Flood insurance means you'll be reimbursed for all your covered losses. And unlike Federal aid, it doesn't have to be repaid.
NFIP (National Flood Insurance Program) flood insurance policies, backed by FEMA, generally do not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it's already too late. You will not be insured if you buy a policy a few days before a flood.
There are some private flood insurance policies available that can provide coverage sooner than 30 days. In some cases this private coverage has a lower premium and better coverage. Most of the private flood companies will not issue new policies before a storm or flood alert, so if you wait too long you will still not be insured.
So 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 call 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.
FEMA - The National Flood Insurance Program
FloodSmart - The National Flood Insurance Program
Plan Ahead for Disasters - Department of Homeland Security
Disaster Assistance - Department of Homeland Security