Homeowners insurance providers face serious challenges in South Carolina

Flood homeowners Insurance Program

Hurricane Joaquin has become one of the worst disasters South Carolina has ever seen

Hurricane Joaquin is making its way to the United States, and this has raised some concerns among homeowners insurance providers, especially in South Carolina. The powerful storm has already brought about significant damage to the state though it has yet to make landfall. According to Governor Nikki Haley, the heavy rainfall caused by the storm is considered a “thousand-year” event. Insurers have issued concerns regarding such events, with some suggesting that these rare catastrophes may soon become more common.

Heavy rainfall claims lives and damages property

While heavy rainfall has diminished in South Carolina, many in the state still face significant danger. Some state officials believe that the problems that the state is experiencing will become worse before they improve. Flooding, in particular, has proven to be quite problematic, as many people in the state do not have flood insurance protection. Thus far, 11 people have been confirmed to have died due to weather-related issues in the state, according to the South Carolina Department of Public Safety.

Conventional homeowners insurance policies will not cover flood damage

Flood homeowners Insurance ProgramThose living in flood affected areas are being encouraged to stay off roads for the sake of their safety. Homeowners are also being urged to contact their insurance providers if their properties have been damaged by rainfall. For many, damage caused by flooding will not be covered by their conventional homeowners insurance policies. Typically, the only place that consumers can find flood protection is through the National Flood Insurance Program.

Many communities will continue to experience problems from floods

Governor Haley noted that this is a disaster that the state has never had to deal with before. Adequately managing the impact of the catastrophe may prove difficult. Rainfall is expected to fall significantly in the coming days, but some communities may be dealing with flooding for as long as two weeks. Those without flood insurance may need to seek out additional support if their properties have been damaged by rising water.

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