The Only Guide to Flood Insurance - Department of Insurance, SC - Official Website

If you've taken a mortgage in an area that's especially vulnerable to flooding, your lending institution most likely needed you to purchase additional flood-specific coverage (as mandated by federal regulations). If you reside in a high-risk flood zone and you don't have flood insurance, you ought to seriously consider it. According to FEMA, in the country.

Even if you do not reside in a high-risk zone, you need to consider acquiring flood insurance. No residential or commercial property has absolutely no threat of flooding: In truth, roughly 25% of all flood insurance claims are made in low-to-moderate flood threat areas. In these areas, homeowners qualify for FEMA's "favored threat policy", readily available at less expensive rates as low as $129 annually for residence and contents coverage.

This indicates flood insurance coverage are far less extensive than house insurance, which is needed on practically every mortgage.  Related Source Here , over 90% of owner-occupied homes have property owners insurance. Only 6% have an NFIP flood insurance plan. The ratio of flood insurance coverage differs by state. Residents in coastal states tend to buy flood insurance coverage in much greater numbers than inland areas.

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Louisiana 51. Utah 2. Florida 50. Minnesota 3. Hawaii 49. Wisconsin 4. South Carolina 48. Michigan 5. Texas 47. Ohio Usage the table listed below for a complete analysis of the data on composed flood premiums and policies in force for each state, according to FEMA's information. 1Louisiana1,157,652466,86540. 3%2Florida5,237,5191,644,58931. 4%3Hawaii279,96058,36720. 8%4South Carolina1,388,492201,04014.