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Flood Insurance in NC

Flood Insurance in NC–Should You Purchase?

The fact that North Carolinian’s are not legally required to have Flood Insurance can be surprising. Especially when you consider the number of Hurricanes and other extreme weather events in recent years that have affected North Carolinian’s in all parts of the state. The Tarheel State has many areas that are prone to floodwaters.  Most recently, Hurricane Florence broke 28 flood records across both North and South Carolina, This fact is according to a US Geological Survey that was recently published. 

Many North Carolinian’s are unaware that their Homeowners Insurance policy does not cover flooding. Fortunately, you can purchase insurance through a federally regulated National Flood Insurance Program (NIFP).  The Federal Emergency Management Agency (FEMA) manages the Insurance. Several private insurance carriers offer these NIFP plans. These policies can cover building property damage up to $250,000 and personal property up to $100,000. 

Do your research before purchasing Flood Insurance. You should consider the following when deciding whether to purchase flood insurance because of the following factors:

1. Determine if you live in a Flood Zone:

Chances are if you live in certain flood zones, your mortgage company has already required you to purchase Flood Insurance. If not, take a look at the areas around you and do some research on past storms and see if flooding has been an issue. It only takes a small amount of water to do a large amount of damage.

The government has set up Flood Zone maps to determine how susceptible a home is to flooding. You can check out this great site through the State of North Carolina to research your area:

https://flood.nc.gov

2. Know the Definition of a Flood (in regards to your Insurance):

We all know the definition of a typical flood, but the National Flood Insurance Program has legally defined a flood as “a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mud-flow. Anywhere it rains it can flood” It is important to know the definition of Flood when it comes to Insurance issues.

3. Research Recent Flooding History:

First, all regions of North Carolina have been hit by intense weather systems and hurricanes, especially in the last several years.

Hurricanes can come across the shore of our coast, or cross the state wreaking havoc on homes, condos, and businesses in its path.  Flood Insurance can provide consumers with peace of mind with approaching storms. Also, it can assist them in rebuilding their home and its contents once the storm passes and the waters recede.

4. Investigate Plan coverage:

Check the coverage. Plans through NFIP would cover repairs (or the rebuilding of the home depending on costs) for things like electrical and plumbing issues, Heating and Air Condition equipment, Carpeting, Water Heaters, Major Kitchen Appliances, and other structural issues.

Above all, flood Insurance Personal Policies would cover items like clothing, furniture, electronics, smaller appliances, and food items.

5. Examine the Annual Costs of North Carolina Flood Insurance Policies:

Finally, it is important to research the annual costs of North Carolina Flood Insurance policies. For instance, Last year, the average policy in North Carolina ran residents around $814, for instance.

Still not sure whether this is the right choice for you?  Contact the insurance specialists at Carolina Insurance Professionals in Raleigh, NC for a quote. We offer home insurance and flood insurance to residents in a majority of counties in North Carolina .  Finally, we will ensure you find a policy that will keep you safe during the storms of life!

 

 

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