Most SC property owners will start paying more for flood insurance in 2022. Here’s why [The Charlotte Observer]
Most South Carolinians will see their flood insurance rates go up thanks to a new policy from the
FEMA’s National Flood Insurance Program is updating the way it assesses flood risk for policyholders. For years, calculations were made based on outdated flood zone maps from the 1970s. Now, the program will assess each property individually, taking into account factors such as elevation, proximity to water and history of flooding.
These changes will cause rate increases for 74.5% of program policyholders in
The good news is, 66% of those homeowners will see a maximum increase of just
Only 116 policyholders out of 208,559 in the state will see their monthly rates increase by
“Taxpayers have been subsidizing people with flood policies,” he said. “This is an effort to make everything on equal footing.”
Though most South Carolinians purchase flood insurance through
Despite the growing costs, Farmer urged existing
“If it rains at your house, you ought to consider flood insurance because it could flood,” he said.
For more information on flood insurance, residents can visit the
©2022 The Charlotte Observer. Visit charlotteobserver.com. Distributed by Tribune Content Agency, LLC.
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