Gill Insurance Agencies: Rock Hill: 803‑324‑5300    |     Fort Mill: 803‑548‑5907    |    Mt. Pleasant: 843-388-5021

If you read our last post, you know that there are many things to consider before buying a lake house, including your insurance policies, coverage, and premiums. Today, we’d specifically like to talk about flood insurance for your lake house.

After seeing last year’s devastating floods in Columbia and many other parts of South Carolina, you know how important flood insurance can be. This is especially true if you have waterfront property. Your beautiful lakefront home has a higher chance of flooding due to its proximity to the water. But is it really worth the additional money you’ll spend on a flood insurance policy?

In some cases, you may not have a choice. Just like with your regular homeowners’ insurance, your lender may have certain requirements for your coverage. This may include requiring you to carry a separate flood policy in order to get your loan.

Premiums for flood insurance vary depending on the location and structure. These rates have changed in recent years. You’ll want to confirm the cost of these premiums before you decide to buy a lake house. You’ll also want to shop around to make sure you’re getting the best rate possible.

In any case, please remember that your homeowners’ insurance does not cover flood damage. If you have questions about these policies, talk to an insurance agent before you make any final decisions. As independent insurance agencies in the Trusted Choice network, Gill Insurance and Gill-Holler Insurance will make sure you find the absolute best price for the coverage you need. Contact us today to make sure your lake house is protected from flooding.