South Carolina Flood Insurance Premiums, Deductibles Rising

Flood insurance premiums and deductibles are increasing by about 8 percent for thousands of homeowners across South Carolina.

The National Flood Insurance Program is raising monthly premiums and doubling deductibles beginning Oct. 1.

At the end of April, almost 201,000 South Carolina properties were covered with a value of almost $46 billion.

The Federal Emergency Management Agency administers the program and says the changes bring deductibles in line with industry standards.

The change may also be because FEMA is still trying to recover from debts after earlier storms, said Lisa Jones, who coordinates the flood insurance program for South Carolina.

“It’s a standard rate increase, but one of the things FEMA is looking at is they’re still trying to recover from all of the claims they paid out after Katrina,” Jones said. “They’re still in debt.”

Despite the rate increase, flood insurance is still very affordable, said Allison Dean Love of the South Carolina Insurance News Service in Columbia.

“We’ve all seen that homeowners have to assume more risk in order to keep insurance affordable and available for all, but I would say it’s still a bargain,” she said. “Depending on where you are and where your home is located and the risk involved, it’s still worth the price you pay for the security.”