Hurricane vs Homeowners vs Flood Insurance: What You Need To Know

Posted: September 26, 2019

From hurricane Hugo in 1989 to Dorian in 2019, the coasts of South Carolina are no stranger to hurricanes. As owners of homes or businesses, it’s important to have a thorough understanding of the insurance you need to protect your property. This includes knowing the difference between three crucial types of coverage: hurricane insurance, homeowners insurance, and flood insurance. Learn more about the differences between these policies, and request a quote with King Street Agency for the coverage you need.

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Hurricanes are a Real Threat in the Carolinas

Most regions have unique concerns that property owners must prepare for. In the farm country of the midwest, tornadoes are a significant threat. Californians have to worry about wildfires, which cause millions in damage each year. But for those who reside in the Carolinas, hurricanes and floods are the primary concern that we must be prepared for every year.

These statistics from the Insurance Information Institute illustrate the legitimate threat posed by hurricanes in the Carolinas and the importance of coverage:

  • $376.4 million in total flood insurance losses were paid after Hurricane Hugo
  • $239 billion worth of coastal South Carolina properties were insured as of 2015
  • South Carolina had 203,508 active insurance policies as of 2017

Hurricane vs Homeowners vs Flood Insurance

To ensure that your property is protected, be sure you know the subtle differences between each type of coverage:

Homeowners Insurance

For anyone who owns a home, homeowners insurance is a crucial investment that can protect against a wide range of threats to your property. From loss of use coverage to protection against structural damage, there are many types of problems that are covered by homeowners insurance.

However, it’s vital to know that all coverage, including homeowners insurance, has its limitations. While your policy is likely to cover some amount of property damage related to wind and water, it doesn’t cover the extensive damage caused by hurricanes or floods.

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Flood Insurance

Although homeowners insurance typically includes some level of coverage against water damage, floods are a different matter. For appropriate coverage in the event of a flood, flood insurance is needed. These policies cover damage from water that enters your property from outside its borders.

Damage from flooding can be far more severe than the mild water damage covered in a standard homeowners insurance plan. For that reason, it may be necessary to purchase flood insurance in addition to homeowners insurance to ensure that you’re fully-protected against all kinds of water damage.

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What Constitutes a Flood?

Flood insurance can save property owners in the Carolinas thousands, but it’s important to know its limitations. Not all water damage is considered a flood, even if it comes from beyond your property lines. To be considered a flood, the water must have damaged someone else’s property or have spread across two acres. If you’d like to learn more, ask our agents about other limitations related to flood insurance.

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Severe Flooding is Caused By Hurricanes

In September of 2018, hurricane Florence devastated the Carolinas. With 18-33 inches of rain, rivers rose to record levels in counties throughout North and South Carolina, causing deadly, destructive flooding and millions of dollars in damage.

Homeowners who lacked flood coverage could have sustained hundreds of thousands of dollars in financial loss. Flooding can last for days at a time, causing permanent damage to the most expensive property and valuables you own. In regions like the Carolinas, this is a real threat, but insurance can protect you from financial loss related to this natural disaster.

Hurricane Insurance

While flooding is a major problem caused by hurricanes, the winds are every bit as destructive. Hurricane insurance covers damage caused to properties that have been affected by the strong winds brought about by hurricanes.

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Trust King Street Agency for the Coverage You Need

While not every area has the same potential for damage, it’s important to assess the risk in your area and explore the types of coverage you may need. Our team at King Street Agency will help you figure out the right combination of policies and coverage for your unique situation. Contact us today to schedule a consultation with one of our agents. We look forward to serving you!