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Insurance & Flood Coverage

Homeowner's Insurance


Often times I’m asked what a buyer should anticipate for yearly
insurance in the area. Below is an Insurance quote on a Single
Family Home in the Carolina Forest area of Myrtle Beach valued at $165,000
. I hope this breakdown can give you an idea of our area premiums.


NOTE: This policy INCLUDES coverage for wind, hail & hurricane damage all under one policy.

 

●All Other Perils: $1000 1% Wind, Hail & Hurricane
●$ 907/ Annual Premium

 

FLOOD INSURANCE: This property is located in an ‘X’ Zone or low risk flood
zone. Flood Insurance is excluded from all Homeowners Insurance policies.
Flood Insurance is written as a separate, standalone policy through the National Flood Insurance Program / FEMA. Since this property is located in a low risk (‘X’)Flood Zone ..this qualifies you for a Preferred Risk Flood Policy. An optional Flood Insurance policy for your new home will be $389.00 for the year .

*The above quote was given by a local based company out of Murrells Inlet. Field & Stream Insurance

 

Flood Insurance & Risk Explained


The Town of Pawleys Island is a participating community in the National
Flood Insurance Program (NFIP), which means that you can purchase
flood insurance to protect your property against the hazard of flooding.
You don’t necessarily have to live near water to be flooded:

 

• Floods can be caused by heavy storms, hurricanes, northeasters, and
extremely high tides.

• Just an inch of water on your property can cause costly damage.

• Most property insurance policies do not cover damage caused by
flooding.

• Federal disaster assistance requires a Presidential declaration, which
happens in less than 50% of flooding events.

• The most typical form of Federal disaster assistance is a loan that must
be repaid with interest.

• Average flood policy with $100,000 in building coverage costs $400 a
year, versus a monthly disaster loan payment of $240 for many years on a
$50,000 disaster loan.

• A flood policy will pay covered losses even if a disaster is not declared by
the President.

• In most cases, there is a 30 day waiting period after you purchase a flood
policy before coverage is in effect, so don’t wait until a flood is threatening.

• Flood insurance can be purchased on eligible residential buildings and/or
their contents, or tenants can purchase contentsonly coverage.

• The Town of Pawleys Island is a participant in the NFIP’s Community
Rating System (CRS), which means that residents receive a discount on
their flood insurance premiums in recognition of efforts made by the Town
of Pawleys Island to reduce the impact of flooding.

• Your property within the Town of Pawleys Island is located in Flood Zones
AE or VE, which are high risk areas.You have a 26% chance of being
flooded during a 30year mortgage. Compare this to your 4% chance of
having a fire during that time. Do you have fire insurance?

• Copies of Elevation Certificates can be obtained from the Building
Department of Georgetown County.

• A video of Hurricane Hugo’s destruction in 1989 is available for checkout
at the Waccamaw Branch of the Georgetown County Public Library at 4
Commerce Street in the Community of Pawleys Island.

• The Head of the Waccamaw Branch Library has obtained and catalogued
one copy of the FIRM, Flood Boundary and Floodway Map, FEMA’s
booklet on FIRMs, and several documents on flood insurance, protecting a
building from flooding and community flood hazard mitigation.