Homeowners find flood insurance stipulations leave them with unexpected costs

Homeowners find flood insurance stipulations leave them with unexpected costs

HORRY COUNTY, SC (WMBF) - With new flood zone maps recently released, some people are having to pay more to protect their homes.
Others are having to purchase flood insurance for the first time.

"I guess insurance is...a necessary evil," said Conway homeowner Guy Dozier.

Flood insurance specifically has certain rules that have to be met for homeowner's to get assistance.

First, the water has to come from the ground up for an incident to be covered under a flood insurance policy.

"It's becoming a financial stress for the homeowners at this point," said mold remediation expert Gerrid Clark.

Second, for it to cover damage to your home, the water has to make its way inside your house.

"He asked me those questions...Did it get in your duct work? Did it get in the house?" Dozier said. "He pretty much told me then, well flood insurance is not going to help you...At that point it was kind of a low point, kind of a disappointment."

It will pay for crawl space repair, but not for the preventive measures that could protect your home in the future.

"Remove the water, and that's as far as they're going to go," Clark said. "The homeowners are kind of up in the air and just sitting here with all of this damaged material with no help. It's a stressful situation for them guys."

If you do get a check, it's going to you and your mortgage company.

"I've paid the premium on it for 25 years, so I don't see how the mortgage company should control the check," Lee's Landing homeowner Carl Stroud said.

Experts say this is to make sure the money is being used properly.

"Anytime you have a mortgage company or a bank listed on the policy, they want to make sure the repairs have been made, that the work has been done," Insurance Agent Faye Bradham said.

However, six months after the October floods, many are still struggling to get their homes back to normal. Plus, some businesses are taking on the burden of helping those in their community.

"Folks are having to beg, borrow, and steal just to get the jobs done, or we step up and try to come up with a good financial plan for them to get the job done," Clark said.

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