We’re the area’s trusted source in hurricane preparedness. Which is why we’re advising area homeowners to be aware of the vital importance of flood insurance protection in flood zones, including the moderate- to low-risk X zones.
X Zones designated by FEMA are areas determined to experience less than 1 percent chance of flooding each year, 1 percent annual chance of sheet-flow flooding and average water depths of less than 1 foot, and 1 percent chance each year of stream flooding with drainage areas of less than 1 square mile.
“But the main misconception is that because flood insurance isn’t mandatory in these lower risk areas, it doesn’t mean it will never flood,” says Don Thomas, CCAR president and broker-in-chargeat Peace Sotheby’s International Realty in Pawley’s Island. “Lot of folks are discovering, from this past hurricane season, that it’s not just coming from storm surge, it’s coming from lots of rain.”
With the 2019 hurricane season already upon us, it’s critical for homeowners to purchase flood insurance now, regardless of what zone they live in. Because everyone lives in a flood zone. If you are in the high-risk flood zones of A or V, your lender requires you to buy flood insurance, in most cases. But if you are in the moderate- to low-risk zones of B, C, or X, you have the option of buying flood insurance. CCAR highly recommends that homeowners buy it.
Why? Because homeowners insurance only covers water falling from the sky, flood insurance will pay for any damage once water touches the ground and enters your home. It’s reported that 1 out of 5 flood insurance claims come from moderate-to-low zones (that’s not counting homeowners who weren’t insured).
“Flood insurance is actually pretty inexpensive, when considering the cost of your home, other insurances and flood damage,” says Thomas. “If you are looking to purchase a home during hurricane season, purchase flood insurance as soon as possible.”
When should homeowners buy a flood insurance policy? According to FEMA, as soon as possible. Because there’s a waiting period of 30 days after you purchase it. The National Flood Insurance Program (NFIP) cannot pay a claim if you don’t have a policy in place when damage occurs.