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Flood Insurance to Help in the Event of a Disaster

Because our agency has a long track record protecting coastal property, we have extensive experience in dealing with Flood Insurance. Our carriers are the largest in the country when it comes to flood policies. If you are purchasing a new home and have questions or just wondering if you should purchase flood insurance for your existing home give us a call for a free consultation.

Whether it is your primary home, rental home or your vacation home we can help. From a $50,000 condo to a $10,000,000 coastal oceanfront custom home, we can protect your home!

Flood Insurance In Wilmington That Protects You From Excessive Rain And Storm Surges

Flood insurance is a specific type of property insurance that protects your home and belongings from financial losses due to flooding. It’s important to note that most standard homeowner’s insurance policies don’t cover flood damage –  it requires a separate flood insurance policy.

What it covers

Flood insurance covers direct physical losses to your building and belongings caused by flooding. This includes things like damage from rising water, debris, and mold.

Who offers it

The National Flood Insurance Program (NFIP), managed by FEMA, is the primary provider of flood insurance in the United States. However, private insurers also offer flood insurance policies.

Who needs it

Flood insurance is a good idea for anyone who lives in an area at risk of flooding. Even areas considered low-risk can flood. Just a few inches of floodwater can cause tens of thousands of dollars in damage. FEMA recommends that everyone consider purchasing flood insurance, regardless of their flood zone.

Why Flood Insurance Is Important In North And South Carolina

Did you know… just one inch of water in a 2,500-square-foot one-story home can cause $26,807 in damage? That includes personal property loss at $3,172 and damage to the home itself at $23,635 (including drywall, insulation and lumber). If that water level rises to six inches, the damage almost doubles to $52,037. Check out FEMA’s Cost of Flooding Calculator.

What Does A Flood Insurance Policy Cover?

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Building Coverage

This protects the structure of your home, including the foundation, walls, electrical and plumbing systems, central air and heating systems, and attached fixtures like cabinets and bookcases.

  • Foundation walls
  • Electrical and plumbing systems
  • Water heaters and furnaces
  • Permanently installed appliances (dishwashers, refrigerators, etc.)
  • Attached garages (detached garages require a separate policy)
  • Permanently installed fixtures (cabinets, bookshelves)
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Contents Coverage (purchased separately)

This protects your belongings inside the home, such as furniture, appliances, clothing, and electronics.

  • Clothing
  • Furniture
  • Electronics
  • Appliances (except permanently installed ones)
  • Window blinds

What Factors Affect My Flood Insurance Rate?

Several factors can influence your flood insurance rate, depending on the type of policy you choose (NFIP or private). At The Huneycutt Group, we offer both.

Flood Risk Is A Factor

This is a big one. Areas with a higher chance of flooding will have higher premiums. FEMA considers factors like flood frequency, types of floods (river overflow, storm surge, etc.), and distance to water sources. Your area will be given a “flood zone” number.

Property Characteristics

This includes your home’s elevation (in relation to flood zones and water sources), its age and design, and the cost to rebuild it if destroyed by flood. Homes built on elevated foundations or with utilities placed higher up are generally seen as lower risk.

Replacement Cost Value Of Your Building

The higher the cost to rebuild your home, the more your insurance will likely cost.

Coverage Amounts

The amount of coverage you choose for your building and contents will also affect your premium. Choosing higher coverage amounts will result in a higher premium.

Additional Factors For Private Flood Insurance

Claims history

If you’ve filed flood insurance claims in the past, it could increase your premium

Primary dwelling use

If your home is a primary residence, it may qualify for lower rates compared to investment properties or vacation homes.

What Is The Waiting Period For Flood Insurance?

There’s typically a waiting period of  30 days before your flood insurance policy takes effect for a new policy through the National Flood Insurance Program (NFIP). This waiting period is in place to prevent people from rushing to buy flood insurance only after a flood threat becomes imminent.

However, Purchasing flood insurance during mortgage closing is the exception to the 30-day waiting period. If you’re securing a federally backed mortgage loan that requires flood insurance, you can typically avoid the waiting period. The insurance goes into effect immediately.

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Contact The Huneycutt Group