Of the over 300,000 properties in South Carolina that have an extreme risk of flood damage, [1] just 35% are protected with flood insurance coverage, and only around 9% of all homes in the state are covered. Homeowners insurance doesn’t typically cover flood damage, so South Carolina residents will want to consider purchasing flood insurance in addition to home insurance — especially considering the state’s high risk of hurricanes and other extreme weather events.
Do you need flood insurance in South Carolina?
South Carolina homeowners are not legally required to purchase flood insurance. However, your mortgage lender can require you to purchase this coverage if you live in a high-risk flood zone according to Federal Emergency Management Agency (FEMA) flood maps. But even if flood insurance is not required as part of your mortgage, it might be a good idea to purchase it anyway.
Roughly 90% of natural disasters in the U.S. involve flooding. And consequently, floods happen just about everywhere — 99% of U.S. counties are estimated to have had at least one flood event in recorded history. It’s also estimated that roughly twice as many properties in the U.S. are at risk of flood damage than previously thought. [2]
Given that around 1 in 5 flood damage claims in South Carolina are made by homeowners in low- to moderate-risk flood areas on FEMA flood maps — not high-risk flood zones — homeowners will want to consider flood insurance regardless of where they live.
How much is flood insurance in South Carolina?
The average cost of flood insurance in South Carolina is $798 per year or $66 per month through the National Flood Insurance Program, which is about 10% cheaper than the national average of $888 per year. [3] However, your own flood insurance rates may be higher or lower than the South Carolina average depending on your home’s elevation, size, and overall flood risk.
Looking at the average cost of flood insurance for each county in South Carolina, Georgetown County’s $1,257 annual flood insurance premium was the most expensive on average. The county’s almost 4,000 current NFIP policyholders are expected to see their rates jump around $1,400 on average, or 113%, in the coming years under Risk Rating 2.0 — the NFIP’s new rating system.
On the lower end of the spectrum, Sumter County had the cheapest flood insurance rates in our analysis, with homeowners there paying an average of $599 each year for coverage. Under Risk Rating 2.0, Sumter residents will see their rates go up about 22% in the coming years.
County | Average annual cost | Average risk-based cost |
|---|---|---|
Aiken County | $818 | $1,232 |
Allendale County | $735 | $968 |
Anderson County | $818 | $1,232 |
Bamberg County | $821 | $2,093 |
Barnwell County | $818 | $846 |
Beaufort County | $907 | $1,471 |
Berkeley County | $763 | $1,822 |
Calhoun County | $654 | $1,019 |
Charleston County | $828 | $925 |
Cherokee County | $852 | $1,575 |
Chester County | $779 | $1,519 |
Chesterfield County | $903 | $1,584 |
Clarendon County | $611 | $734 |
Colleton County | $614 | $898 |
Darlington County | $1,003 | $2,932 |
Dillon County | $764 | $1,387 |
District Of Columbia County | $681 | $848 |
Dorchester County | $818 | $1,232 |
Edgefield County | $674 | $982 |
Fairfield County | $795 | $3,285 |
Florence County | $942 | $2,012 |
Fort Bend County | $672 | $967 |
Georgetown County | $818 | $1,232 |
Greenville County | $1,257 | $2,680 |
Greenwood County | $792 | $1,540 |
Hampton County | $804 | $1,609 |
Horry County | $747 | $929 |
Jasper County | $691 | $1,096 |
Kershaw County | $703 | $960 |
Lafourche Parish | $853 | $1,375 |
Lancaster County | $818 | $1,232 |
Laurens County | $752 | $2,041 |
Lee County | $860 | $3,046 |
Lexington County | $615 | $777 |
Marion County | $757 | $1,183 |
Marlboro County | $692 | $974 |
Mccormick County | $1,021 | $1,284 |
Newberry County | $874 | $1,398 |
Oconee County | $870 | $1,414 |
Orangeburg County | $771 | $1,667 |
Pickens County | $723 | $938 |
Richland County | $859 | $1,477 |
Saluda County | $734 | $1,160 |
Spartanburg County | $862 | $1,227 |
Sumter County | $726 | $1,698 |
Union County | $599 | $732 |
Williamsburg County | $818 | $1,232 |
York County | $679 | $1,324 |
Average flood insurance cost in South Carolina by flood zone
Flood insurance rates for a particular property are based primarily on its location and whether it’s in a high-risk flood zone. If you live in a high-risk area, you’ll likely pay more for flood insurance compared to if you lived in a moderate- to low-risk area.
Here are the average flood insurance rates in areas of South Carolina with a high risk versus a moderate-to-low risk, according to our analysis of NFIP flood insurance data.
South Carolina flood zone | Average annual cost |
High risk (A or V) | $1,074 |
Moderate to low risk (B, C, or X) | $591 |
What does flood insurance cover?
Flood insurance helps cover the cost of flood damage to your home and belongings. That means if your house is damaged due to flooding caused by heavy rainfall, a hurricane, high coastal tides, or any other sources of natural flooding, flood insurance can pay to repair or replace your property.
A standard flood insurance policy through the NFIP comes with two main coverages that can be purchased together or individually.
Building property coverage: Pays to repair or rebuild your house or garage if they’re damaged in a flood. The maximum building property coverage limit with the NFIP is $250,000, meaning that’s the most the NFIP will reimburse you for repairs, regardless of the damage amount.
Personal property coverage: Pays to repair or replace your belongings if they’re damaged in a flood. This includes your furniture, electronics, clothes, and any other items you own. The maximum personal property coverage limit with the NFIP is $100,000.
Each coverage also comes with its own separate out-of-pocket deductible, which is the amount you’re responsible for paying on each claim. Choosing a higher deductible will lower your flood insurance premium, but it will also reduce your claim payment.
How to get flood insurance in South Carolina
To get flood insurance, you can go one of two routes:
NFIP flood insurance policy: Backed by the federal government and sold by insurance companies
Private flood insurance: Backed and sold by private insurers, it provides superior and often cheaper coverage compared to the NFIP plan
In order to purchase flood insurance through the NFIP, you need to live in a participating community. Fortunately, 89% of all communities in South Carolina participate in the program. And if you live in one of the 29 communities that doesn't offer NFIP coverage, you may still be able to purchase private flood insurance.
Private flood insurance policies typically come with higher coverage limits for your home and personal belongings if they’re damaged by flooding. Additionally, they often include coverages and other benefits that aren’t available in the NFIP plan. This includes loss of use coverage to help cover the cost of lodging or restaurant meals in the event your house is badly damaged and you’re forced to evacuate, or replacement cost coverage for your personal belongings.
Here’s a look at what South Carolina residents can expect with NFIP and private flood insurance.
NFIP flood insurance | Private flood insurance | |
|---|---|---|
Building property coverage | Max of $250,000 | Up to $15 million depending on the company |
Personal property coverage | Max of $100,000 | Up to $1 million depending on the company |
Additional living expenses | Not included | Often included |
Basement contents | Limited to wall fixtures, air conditioners, washer/dryers | Often covered |
Deductible | $1,000 to $10,000 | $1,000 to $50,000 |
Waiting period | 30 days | As little as 0 to 10 days |
Accepted by mortgages | Yes | Yes |
How to save money on flood insurance in South Carolina
There are several steps that South Carolina homeowners can take to mitigate the risk of flood damage to their home while also lowering their flood insurance rates. Here are the most effective ways to reduce the cost of flood insurance, according to FEMA.
Flood-proof your home. Elevating your home, moving water heaters and other home systems to higher ground, filling in basements and crawl spaces, and installing flood openings or barriers in your home can all lead to lower flood insurance rates.
Increase your policy deductible. Setting your deductible at the $10,000 maximum can reduce your rates by as much as 40%, according to FEMA. Before increasing your deductible, make sure it’s set to an amount you can afford to pay out of pocket.
Take advantage of community-wide discounts. If your community is enrolled in the NFIP’s Community Rating System, you’re eligible for a discount of anywhere from 5% to 45%. You can visit FEMA’s Community Rating System page to see if your community participates.
Use an elevation certificate. An elevation certificate (EC) is a document that details your home’s flood risk. If you have an EC and it can prove that your home is above the Base Flood Elevation in your community, that could help lower your rates.
South Carolina flood insurance companies
Whether you’re interested in purchasing both your home and flood insurance through the same company or mix and match with different companies, here are the providers you’ll need to go to for NFIP flood insurance.
NFIP flood insurance providers in South Carolina
The following 25 companies are approved to sell NFIP flood insurance policies to customers in South Carolina.
Curious how private flood insurance options stack up to the competition? Compare quotes with Policygenius and we’ll do our best to find you the cheapest and best flood insurance coverage for your home — whether through the NFIP or a private flood insurer.
