Flood insurance costs to drop with new Horry County flood rating - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Flood insurance costs to drop with new Horry County flood rating

The Socastee community dealt with flooding in 2016 after Hurricane Matthew. (Source: WMBF News) The Socastee community dealt with flooding in 2016 after Hurricane Matthew. (Source: WMBF News)

HORRY COUNTY, SC (WMBF) – There is now more money available for people who live in Horry County and have flood insurance.

According to a Horry County press release, the U.S. Department of Homeland Security and the Federal Emergency Management Agency has upgraded the county to a class seven rating in the National Flood Insurance Program's Community Rating System.

This is a voluntary incentive program that recognizes and encourages community floodplain management activities that exceed the minimum requirements.

According to the release, there will be roughly $875,000 in flood insurance savings in the unincorporated areas of Horry County. That is up from the approximately $314,313 in savings from when the area was a class nine community in 2010.

Additionally, people who live in the floodplain in the unincorporated areas and have flood insurance will get a 15 percent discount on their flood insurance premiums, the release stated.

The residents will receive their flood insurance premium reductions at the time of insurance renewals.

According to the release, the new rating went into effect on Monday.

Copyright 2017 WMBF News. All rights reserved.

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