During the recent South Carolina floods, my family was flooded out of our home which is in a non-flood plain.. How will this affect our rates?
We didn't have flood insurance when the flood hit and we never have as there has not been flooding in our area in over at least 30 years. Plus, this type of flood is one every 20 generations or so, and not something anyone was prepared for.
That said, we are now going to add a Flood policy. Our question is will this atypical storm's impact balloon rates out of proportion for average flooding events and areas that otherwise are flood-free.