The experience in New Orleans left a lot of folks wondering about the need for flood insurance. Do you need it in Charleston? After all, this is the famous “Lowcountry.” According to FEMA, everyone should get coverage whether required to or not. It is very important to be aware that most home owners policies do not cover loss from flooding. That is a lesson a lot of people have discovered the hard way.
Many, maybe even most, areas of Charleston are subject to some flood rating. Yet simply having a flood rating does not mean that flood insurance is mandatory.
Flood zone ratings are determined by the Army Corps of Engineers in cooperation with some other organizations. Flooding is not as frequent oa a problem here as it may be in the Midwestern US, or other places prone to regular flooding; even so, it is a hazard that you need to understand - especially in as associated with hurricanes. In this area, most flooding hazards as associated with large storms. They are infrequent but can bring massive rain and even storm surge.
Here is a note from FEMA about flood insurance:
"The cost of purchasing a flood insurance policy while a building is still in an area designated Zone X, B, or C is much lower than the cost of purchasing a policy after the building is placed in a Zone AE. For example, $100,000 of flood insurance coverage on a single-family home located in a Zone X will cost $351 per year. A $100,000 policy for that same building after it is placed in Zone AE will be $595 per year. If you purchase flood insurance now at the Zone X rate before the new maps become effective on
April 2, 2002, your flood insurance policy can be "grandfathered" in at the low Zone X rate. That means if you maintain continuous coverage with no lapse in the policy, you will be entitled to the lower Zone X rate each year the policy is renewed and you will not be required to pay the higher Zone AE rates."
Here is additional flood zone information courtesy of Charleston County Emergency Preparedness Program:
"V" Zone**:
The property is in the special flood hazard area and is subject to flooding from rising water and wave action during a 1% chance storm. Properties in this flood zone will be required to be elevated to a designated height, and all enclosures below the designated height will be required to have break-away walls. Flood insurance will be required on a property in this flood zone if a mortgage is taken out on the property. These are the most hazardous of the Special Flood Hazard Areas, or SFHAs. V zones generally include the first row of beachfront properties. The hazards in these areas are increased because of wave velocity - hence the V designation. These property owners pay more than $1,000 annually and flood insurance is mandatory.
"A" Zone*:
The property is in the special flood hazard area and is subject to flooding from rising water during a 1% chance storm are and are usually near a lake, river, stream or other body of water. Properties in this flood zone will be required to be elevated to a designated height and will be required to be insured with flood insurance if a mortgage is taken out on the property. Flood insurance is mandatory in all A zones, where premiums can be about $595 annually because of the high potential of flooding. A-zone maps also include AE, AH, AO, AR, and A99 designations, all having the same rates. The different A zones are named depending on the way in
which they might be flooded.
"X" Zone:
The property is not in the special flood hazard area. There are no required elevations for properties in this flood zone. Flood insurance is recommended but not required for properties within this flood zone. These are minimal-risk areas where flood insurance is not mandatory
"B" Zone:
This flood zone designation is no longer in use . This flood zone is the same as a "Shaded X" zone.
"C" Zone:
This flood zone designation is no longer in use. This flood zone is the same as an "X" zone.
* "A" Flood Zones may be "A", "AE", or "AO" Zones.
** "V" Flood Zones may be "V" or "VE" Zones
D zones
These are areas that have not been studied, but where flooding is possible. Flood insurance is available in participating communities.
Even if flood insurance is not required, you can still purchase it – just in case. If the insurance is not required, of course the rates are very low - because the risk is low.