Flood And Hurricane Insurance? (Charleston, Goose Creek: homeowners insurance, mortgage, credit rating)

[83margaux]

Is it same to assume that everyone living in Charleston carries flood and hurricane insurance?

If so, how expensive are these types of policies. We're looking to live on James Island, W. Ashley, Goose Creek, and Johns Island.

Thanks in advance!

[DJShymansky]

No, not everyone living in the lowcountry has flood, wind and hail insurance. However, in the areas you'd mentioned, only Goose Creek has more areas oustide of a mandatory flood plain than inside. Most parts of James Island, John's Island, and many parts of West Ashley are in federally designated flood plains that will require flood insurance. Many parts of James Island as well, are in wind zones that will require mandatory wind&hail coverage.

South Carolina Wind and Hail Underwriting Association and FloodSmart.org | Flood Smart | Watches | Tornado | Weather are certainly great sites to visit. Insurance rates, however, are on a house-by-house basis. Insurance ratings not only take into consideration the location of the home, the elevation/construction of the home, but it's prior claim history, your prior claim history and your credit rating, among other factors.

Checking with a couple local insurance carriers for each specific home you're interested in, would be the best and only way to get a solid idea of what your insurance payments would be like.

[Jim3310]

You can assume that everyone living in Charleston SHOULD carry flood/wind & hurricane insurance (throw in earthquake too while you are at it).

However, not every mortgage company requires that you have it. Only if you are in a flood zone, and they vary by level of risk.

If you are not in the regions as outlined by DJ, it's very affordable & worth it.
If you are in an area that requires it, you will want to know what the premium will be before you start looking at a home. A Realtor can get you in the ballpark, but that's about it until you get in touch with the Insurance people.

We have a number of places here in the low country that are in danger of being relocated (by tides) to Europe.

That's a good thread for what people think about what to do in those instances.

jim

[Kevin Shealy]

Hi, my name is Kevin Shealy and I own an Allstate Insurance Agency in Charleston. Most people in Charleston carry Flood insurance. The average premium is about $450 per year, however, the rate can vary depending on the flood zone, value of the house, and age of the house. The further you live from the cost the less costly it will be to insure your home for wind damage. Wind damage is sometimes written as a seperate policy and sometimes included in your homeowners insurance policy. The price can range from about $600 to about $5000. A lot of factors go into the rates for flood and wind damage on the South Carolina Coast. Please call our office at (843) 573 -4777 so we can give you a better idea. Brian, Heather, Theo and I handle flood and wind insurance for our clinets and will be glad to help you. If you would rather email us, email Brian at BrianClyburn@Allstate.com. We hope to hear from you soon!

Kevin Shealy