October 9th, 2013 11:13 AM by
FLOOD INSURANCE CHANGES FOR JOINT BASE CHARLESTON Elevation certificates are needed for all properties. The only way to know how much your rate will be affected is to provide your insurance agent with an elevation certificate. Depending on the age and use of your home, it will vary. Each property is unique so you must speak with an insurance agent to determine actual flood insurance costs.
SUBSIDIZED PROPERTIES This includes Pre-Flood Insurance Rate Map (FIRM) properties below Base Flood Elevation (BFE). Pre-FIRM in the Joint Base Charleston area means start of construction or substantial improvement was before 1975. To determine the Pre-FIRM date for every city and county in South Carolina, click here.
Primary residences: Beginning when the policy renews starting October 1, 2013, rates will move to full actuarial rates at the time the property sells (this will apply retroactively to all properties sold since July 6, 2012).
Non-primary residences, commercial properties and repetitive loss properties: Beginning October 1, 2013 rates move to actuarial rates and premiums will increase 25% per year. The only way to know your full rate and to find your maximum premium is to have a current elevation certificate. Access FEMA’s 2013 Rate Schedule for second/vacation homes here (which includes the first 25% step increase)
GRANDFATHERED PROPERTIES This includes Post-FIRM Joint Base Charleston properties that were built at Base Flood Elevation, but BFE has since been raised since construction OR the property was mapped into a different flood zone.
Rates will be phased out and be brought to new actuarial rates only after the new flood rate maps are adopted. This is expected to be completed in South Carolina in late 2014 or early 2015.
ALL OTHER PROPERTIES REQUIRING FLOOD INSURANCE All other Joint Base Charleston properties will see rate increases of at least 5%, but possibly higher (in the 20% range), but each property is different. Speak to an insurance agent BEFORE BUYING.
BOTTOM LINEFor your current home, ensure you have a valid elevation certificate and speak to an insurance agent. If you are planning to sell, work with your REALTOR® to ensure you have everything in place to enable a potential buyer to purchase your home. If you are planning to buy, work with your REALTOR® to verify the flood zone on homes you are considering for purchase and obtain quotes from insurance agents, so you can make an educated decision before you buy.
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