We handle all types of flood and excess flood insurance, and have multiple options.  Please feel free to contact me anytime at (843)540-0722 or Chris@BestInsuranceHH.com  .

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  Flood insurance rules and regulations have changed constantly over the last few years.  A few facts to keep in mind:

Many homes on islands or in coastal areas will need flood insurance if financed by a bank.  Banks accept both FEMA flood insurance and private flood insurance.

Primary residence homes pay an additional $25 surcharge where secondary and rental homes pay an additional $250 for the National Flood Insurance Program.

Major changes went into effect between October 2021 for new policies and all renewal policies by April 2022.

Premium variables will now include the replacement cost of the building, even if it is higher than the maximum insurance coverage available.

Premium can be rated with or without an elevation certificate.  An elevation certificate is usually still beneficial to lowering premium. 

Homes built after mid-1977 were traditionally rated on elevation, and an Elevation Certificate may reduce rates for NFIP in most coastal areas.  Minimum elevation may differ by year of construction.  Elevation certificates may be on file with the county, the town, POA, or a new survey can be ordered for around $500.   Some areas may be insurable by private flood without an elevation certificate, or receive a better rate with an elevation certificate.

Deductibles can be chosen between $1250 to $10,000 for residential, (with bank approval.)

 National Flood Insurance Program will insure the first $250,000 of the home and $100,000 of contents, with federally regulated and subsidized rates.  (Coverage beyond these limits for NFIP is considered excess flood and usually uses different carriers.) Private flood carriers may be able to cover the entire value on one policy. 

While NFIP regulated rates should be the same from agency to agency, mistakes on paperwork can cause differences and extra expenses.

Some elevated homes may be benefit from adding flood venting to garages and or crawlspaces.

30 day waiting period applies for NFIP unless needed for loan closing.  Private market flood waiting periods are typically less.

Any of these rules may change at any time.