As rain covered most of the Upstate Wednesday, insurance agents are to get asked the question: do I need flood insurance? The answer is not always so simple, according to Dante Russo, with South Carolina Insurance Brokers. "The biggest misunderstanding about flood insurance is that it is not included in your standard homeowner's policy." Russo says that leaves it up to the homeowner whether to purchase a flood policy.
Federal and local websites can provide information on whether residents are in a floodplain. Russo suggests going to www.freeflood.net. There, you can type in your address, and the website provides a "risk meter" to show your home's danger for flooding. The higher the meter goes, the higher the threat, Russo says. "The higher your risk, the higher you'll pay."
If you are in a floodplain, Russo says most mortgage companies require flood insurance when you purchase the home. Still, some experts say it's not a bad idea to get it anyway, regardless of the risk. According to the National Flood Insurance Program, 25% of the homes that flood are in low to moderate risk zones. "You're better safe than sorry, you just never know," says Russo.
Once you've determined your risk, or whether you're in a flood zone, you should call an insurance agent for information. Many agents then require you to get an "elevation certificate" from your homeowner's association before getting a quote, or purchasing a policy.
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