The Flood Disaster Protection Act amended the National Flood Insurance Act of 1968, and made the receipt of federal disaster assistance – in the form of both federal aid and loans from FDIC-insured banks – contingent on carrying flood insurance for buildings located in identified flood zones. A congressional investigation in Agnes’ wake discovered that very few buildings were insured for flood, which led Congress to pass the Flood Disaster Protection Act in 1973. In June 1972, Hurricane Agnes swept ashore, devastating a large portion of the eastern United States, and causing nearly $4 billion in damages. At its launch, the NFIP was part of the Department of Housing and Urban Development (HUD).įewer than 100,000 flood insurance policies were carried in early 1972. Initially, the NFIP was to help bear the burden of flood insurance costs through subsidized premiums, to encourage development in areas that carried less risk of flooding, and to strengthen construction codes to help minimize or prevent flood damage. To help make flood insurance affordable, Congress passed the National Flood Insurance Act in 1968 which created the National Flood Insurance Program (NFIP). Since flood insurance was not being offered by private insurance companies, Congress realized that flooding could be a significant problem for homes and businesses located in flood plains and that the cost to repair flood damage was exorbitant. As a result, the insurance industry decided not to offer flood insurance. In the 1920s, the insurance industry assessed flood insurance and came to the conclusion that premiums would be too expensive, leaving only those living in high risk areas as the sole purchasers of flood insurance. In the mid-twentieth century, national flood issues were addressed by the construction of dams, levees, and sea walls. Please don’t be left uninsured when it comes to flood insurance and call us today! Please call 1-88 for a complimentary flood zone determination, a flood insurance quote, and to ask any flood insurance-related questions. As direct representatives of FEMA, all policies are processed through the NFIP. The flood insurance agents at South Carolina Flood Insurance specialize in providing flood insurance coverage and boast extensive knowledge of both flood insurance and stay up-to-date with NFIP legislation. In fact, many areas of South Carolina are FEMA-designated flood zones with varying levels of risk.
The lower your FEMA-determined risk, the less your coverage will cost.
Thanks to FEMA and the National Flood Insurance Program (NFIP), flood insurance policies can be obtained for very reasonable premiums. Flood insurance policies are unaffordable.Homeowners insurance covers many things, but flood insurance is generally not one of them – a fact that will be highlighted on the first page of a homeowners insurance policy. Homeowners insurance will cover flood damage.The mission of South Carolina Flood Insurance is to ensure South Carolinians know the basics about floods and flood insurance and to clear up the common misconceptions.
South Carolina Flood Insurance and parent company National Flood Insurance, LLC, focus solely on providing flood insurance to the residents and business owners in South Carolina. According to the Federal Emergency Management Agency (FEMA), flooding is the #1 occurring natural disaster in the United States.
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