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How much is Flood Insurance in South Carolina?
FloodPrice.com is pleased to work with some of the nation's largest private flood insurers to provide you with coverage you can trust. Our instant quote tool assesses rates from numerous carriers to get you the best coverage for the lowest price.
How much is Flood Insurance in South Carolina?
The average cost per policy in South Carolina through the NFIP is $631.84. Depending on where you live, this average could vary substantially! Depending on your deductibles, the cost of your home and contents, your premiums can change. The 10 most populated cities in South Carolina are listed below with their average cost per policy through the NFIP. If you're interested in a quote for a private flood insurance policy to compare costs, we offer a 100% online quote process.
Average Costs through the NFIP
City | Average Cost per Policy |
|---|---|
Charleston | $871.83 |
Columbia | $696.12 |
North Charleston | $784.55 |
Mount Pleasant | $526.37 |
Rock Hill | $566.41 |
Greenville | $920.90 |
Summerville | $547.03 |
Goose Creek | $488.79 |
Hilton Head Island | $516.86 |
Sumter | $565.15 |
Prices as of March, 2022.
Risk Rating 2.0 Pricing in South Carolina
FEMA's flood program through the NFIP has begun using a new pricing methodology, Risk Rating 2.0. This will result in a price change for 97% of policyholders. This will impact nearly all of the 208,600 NFIP policies in force in South Carolina.
New NFIP Policyholders can expect to see these changes October 1st, 2021. If you're an existing policyholder, these rate changes won't affect you until April 1st, 2022.*
If you already have a policy through the NFIP, be sure to compare the Risk Rating 2.0 price to a Private Flood Insurance quote. You could possibly save hundreds of dollars. The time to start comparing prices on your flood insurance is before your policy is set to renews.
The NFIP does not allow mid-term cancellations. This means that once your policy renews, you have no option to cancel it unless you meet very restrictive guidelines, such as the sale of your home. The process can be difficult and frustrating. Here is a link to the guidelines to cancel an NFIP policy mid-term: FEMA Cancellation Form.
What is not covered by the NFIP?
Debris removal, additional living expenses, and belongings located in your basement, aren't covered. You would be required to purchase a secondary policy to cover appurtenant structures, such as a detached garage or shed. Visit their website to see everything that is, or isn't, covered by the NFIP.
If you'd like to be free from these limitations and have more options for coverage, consider getting flood insurance from FloodPrice,
How do I save money on Flood Insurance in South Carolina?
You may be able to save by getting a quote for private flood insurance instead of going through the NFIP. This is an entirely online process, no need to wait for a callback or an email! Once you've received your quote, compare it to what you'd pay through the NFIP. But don't just compare the costs, check what's covered by the NFIP so that if you try to submit a claim, you're not caught off-guard by what is, and isn't, covered.
The cost of a claim can be expensive, most are financially devastated after experiencing a flood if they don't have coverage. The average NFIP claim for flood damage in South Carolina over the past 10 years is $27,100.
Does my homeowner insurance in cover flooding?
Homeowner's insurance generally excludes flood coverage. Obtaining a flood insurance policy is typically left up to the homeowner. If you're looking to get a policy, we offer a 100% online process. You can get a quote started here!
I have so many questions! Help!
To connect to a Flood Expert, send us a chat by clicking the icon in the lower right corner of your screen! Or if you'd prefer to call, we are available 8:30 AM - 5 PM MST at 866-503-5663. We also are available via email address at support@floodprice.com.
*65% of NFIP policy holders in South Carolina (137,604 policies) will see an average increase of $0-$120 per year. 6% of policyholders (12,469 policies) will see an increase of $120-$240 per year. 3% of policyholders (5,276 policies) will see an increase of greater than $240 per year.
Source: https://www.fema.gov/sites/default/files/documents/fema_south-carolina-state-profile_03-2021.pdf
