Coastal Carolina’s Flood Insurance Professionals

Most homeowner’s insurance can’t cover every type of damage – make sure your home is protected from rising water with a flood insurance policy.

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Protect your home with a flood insurance policy from Wells

Contrary to what many people think, your homeowner’s insurance does not provide your home with blanket coverage against any and all kind of damage. Similar to a wind & hail insurance policy, flood insurance should be considered, to provide coverage for your property in the event that it’s damaged by rising water. Both of these types of insurance are particularly important in coastal areas where the risk of hurricane-force winds and extreme rainfall are significantly high.

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Flood Insurance for North Carolina Residents

Most of the time, living on the coast means regular trips to the beach, great weather, and plenty of sunshine. It also means that we see some pretty severe rain, storms, and hurricanes – all of which can lead to flooding of varying severity. With the risk of rising water being a reality, all North Carolina residents – regardless of flood zone – should have a separate flood insurance policy for their home.

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Do I need flood insurance?

You might be thinking that since you don’t live inside of a designated flood-zone, you don’t need to pick up flood insurance.

However, this isn’t the case, as nearly 25% of all flood insurance claims come from areas mapped outside of high-risk flood zones. We will say that again – about 1-in-4 flood damage claims come from properties that are not in a “flood zone”. Regardless of where you live in relation to the coast, flash flooding, rising water, and seasonal storms are a real possibility, with real-world consequences that can cause damage which can only be covered by a securing a separate flood insurance policy.

How much does Flood Insurance cost?

Premiums vary depending on your property’s flood risk.

The average cost of NFIP flood insurance is around $700, but the amount you pay depends on your home’s location and build, among other factors such as how much coverage you are looking for. In some cases, your mortgage company may require flood coverage if your home is in a flood zone and secured by a federally-backed mortgage.

According to FEMA, the critical factors that influence your rates are:

  • How much building structure and contents coverage you have
  • Your home’s age
  • Your home’s occupancy
  • Whether or not you have a basement
  • Location of your personal property
  • Location of your home’s lowest floor and its relation to the Base Flood Elevation
  • Your deductible
  • Your home’s flood risk

How can I lower my flood insurance rates?

  • Relocation – If you live in an area below the Base Flood Elevation (BFE), considering relocating your home (if tenable) or moving to an area above the BFE. This could significantly lower your rates.
  • Utilities – A home with utilities — like a water heater, electrical panels, fuel storage, or ventilation — below the BFE will also be quoted higher premiums than if they were on higher ground. If you move into a home with utilities located at ground level, for example, consider hiring a qualified and licensed professional to move them up above the BFE — this could significantly lower your rates.
  • Flood openings – Flood openings, or vents, are just what the title suggests: if water gets into your home, the opening or vents is how the water gets out. Having flood vents installed in the side of your base floor can significantly lower your rates.
  • Basements – Homes with basements and crawlspaces generally aren’t rated very favorably by FEMA. In fact, if you have what FEMA considers a “subgrade” crawlspace, you could see your rates increase by 15% to 20%. If your home has a crawlspace, consider filling it in and turning it into foundation to lower your rates.
  • Elevation – Consider having a contractor retrofit your home above the BFE. In fact, you can save hundreds of dollars in premiums for every foot your home is elevated above your community’s BFE. FEMA has a handy explainer on retrofitting here.

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