Normally, you will have some level of disaster protection through your homeowners insurance. The key factor in getting any kind of natural disaster coverage is whether your area is prone to that kind of disaster. Some homeowners in Beaufort County might pay 25 percent more to insure their homes this year, now that new national flood insurance policies have taken effect.
Under the Flood Insurance Reform Act of 2012, flood insurance premiums will no longer be subsidized for second homes built in high-risk flood zones. The law applies to homes in South Carolina built before Sept. 30, 1977, or those built to standards that are now outdated, according to the Federal Emergency Management Agency.--- Those homes previously were allowed to receive discounted rates, but no longer.
The new law is designed to prevent the subsidized flood-insurance program from further financial bleeding.
- The property is sold.
- Flood insurance coverage on the property lapses and the owner seeks to renew the policy.
- A property's market value rises by more than 30 percent because of renovations or additions.
- A property incurs damage of more than half of its market value.
According to county flood plain manager Hakim Bayyoud. "At least half of Beaufort County is in a flood-hazard area and could be subject to the new rates. Premiums could change again for all property owners, not just second home owners. That's because elevation maps upon which flood-insurance rates are based are outdated and will be replaced by FEMA. The current maps were released in 1986 and partially updated in 1992."