All of us agree at Drew Sineath and Associates that living in the greater Goose Creek and Charleston area is a blast and a blessing! Warm, wonderful winters and steamy, sultry summers are the very embodiment of our area’s climate. Because of our proximity to the Atlantic Ocean and our low-lying elevation, there are countless rivers, creeks, jetties, and ponds. While this provides us with spectacular flora and fauna, and scenery and sport, it also puts many of our homes in flood zones. In other parts of the country, this may not be so concerning, but because we are in a hurricane zone, this is something that all residents must keep in mind when it comes to insurance.
Everyone who owns a home needs homeowner’s insurance. “Homeowners need to purchase home insurance to protect their homes and personal property. Those who rent need insurance to protect their furniture and other personal property. Everyone needs protection against liability for accidents that injure other people or damage their property,” according to insureuonline.org. If you are a homeowner, you can roll your homeowner’s insurance and your property taxes into your monthly mortgage payment through and escrow account. For many people, this is a helpful tool in managing money and budgeting for these necessary expenses.
A regular homeowner’s insurance policy covers sudden common types of water catastrophes such as faulty plumbing, a roof that leaks, or even an appliance such as a dishwasher or freezer that malfunctions. What a typical policy does NOT cover is flood damage. This is of upmost importance and must be considered when purchasing a home in South Carolina. Many of the homes in the Lowcountry are in a flood zone and all coastal areas are at high risk for wave damage during hurricanes. While water damage alone is enough to persuade people to purchase a flood insurance policy, remember our climate and how much mold and mildew love our heat and humidity. Oftentimes, water damage goes deeper than warped baseboards and soggy carpets. Mold and mildew can get inside the walls and be detrimental and hazardous to peoples’ health. This is why it is SO important to have flood insurance in South Carolina, especially if you are in a flood zone.
The cost of flood insurance needs to be taken into consideration when purchasing a home in the greater Charleston area. According to an article from the Post and Courier entitled “New flood insurance rates start to rise on Tuesday” dated Saturday, September 28, 2013 by David Slade and Tyrone Richardson, flood insurance rates are going up due to a 20 billion dollar deficit caused by Hurricane Katrina and Super Storm Sandy. What does this mean for all homeowner and potential homebuyers? Be sure you know what your insurance rates are going to be before you purchase. You don’t want to find yourself in a home that you initially thought you could afford, only to quickly find that the insurance rates price you out of your home.
While this information may sound discouraging, it’s really not. Living in the greater Goose Creek and Charleston area is wonderful and coastal living is lovely and lively. A person just needs to be fully aware of what is affordable and then choose the house that fits his or her needs the best. At Drew Sineath and Associates, we look forward to helping all of our clients find the perfect Lowcountry home.