Coverages

We provide an array of different lines of insurance to meet all your personal and business insurance needs.

Flood Insurance

As a homeowner in the Lowcountry, it’s important to know that starting April 1, 2016, new regulatory changes were made to the National Flood Insurance Program (NFIP).

The NFIP aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations. To stabilize the NFIP and better align insurance premiums with true risk, FEMA has mandated changes that will increase premiums, update flood zones, and phase out subsidized rates.

As your local insurance agency, we at King Street Agency want to help you understand how these changes may affect your policy. 

What Will Change?

There are several changes that will take place starting April 1st but we want to call your attention to the following three:

  • Insurance Premiums May Increase: A majority of policyholders will see an increase to their premiums. On average, premiums will increase up to 9 percent. These increases will hinge on several things including the home’s location, what year it was built, and what its being used for.
  • New Rating Methodology May Affect Policies: For some policyholders, updated flood zones will affect the kind of coverage they must carry. It’s possible these changes will place homes into the newly mapped special flood hazard area, which will ultimately increase premiums.
  • Subsidized Rates Are Getting Phased Out: FEMA is slowly phasing out subsidized flood insurance for more than a million homes. Originally for older homes in high-risk areas, these subsidized rates are no longer in compliance with flood insurance rate maps.

Knowing how these changes may affect your policy is important and will help you make smart decisions about your coverage. Be sure to contact your King Street Agency agent to discuss your policy and learn about ways to better protect your home.

Request a Flood Quote