Living near the coast has an untold number of benefits. You can spend your days at the beaches, take advantage of different water sports, and just soak up the relaxed atmosphere of coastal living. But there is a slight risk inherent in choosing this prime location to make your home – namely, hurricanes and flooding. Fortunately, you can protect your interests with the right type of insurance.
How Big of an Issue Are Hurricanes and Flooding in NC?
There can be upwards of 20 named storms in any given year. But, thankfully, those don’t all head towards the Carolina coastline. In fact, many of them won’t, but you need to be concerned about the ones that could cause damage.
Over the past twenty years, half of the most costly hurricanes to hit the U.S. did some damage in North Carolina. These were Hurricanes Irma and Harvey (2017), Sandy (2012), Michael (2018), and Charley (2004).
When it comes to states with homes most susceptible to flooding from storm surge, North Carolina is number eight on the list. And the coastal counties most frequently hit by hurricanes in North Carolina are the northern ones, such as Dare, Hyde, and Carteret.
What You Need to Know About Hurricane and Flood Insurance
Flooding and wind damage are serious business. On average, just one inch of floodwater in your home can cause over $25,000 in damage. And regular homeowner’s insurance doesn’t cover damage caused by hurricanes or flooding – basically any water that comes from outside your home. You need special coverage to protect you if a storm comes through the area or a local river overflows.
If you are going to buy a home in coastal North Carolina, it’s essential that you know your risk for hurricanes and flooding and protect against it. This is simple enough.
Every property is given a flood zone rating. For example, a property in flood zone X will be considered a low risk for flooding. One in flood zone ZE is considered a coastal property that has a high risk of damage from storm surge.
When you have a mortgage on a home that is in a flood zone, your lender will likely require that you carry flood insurance. You can purchase a policy through the National Flood Insurance Program (NFIP) that protects your home and its contents (you may have to buy separate policies for these coverages, but it’s worth it).
Even if you are in a low-risk area, it makes sense to carry this coverage for peace of mind. The good news is that that it’s more affordable for lower flood risk properties.
Finally, don’t wait until you see a named storm on television to inquire about flood insurance. They won’t sell it to you. Most policies go into effect 30 days after the purchase date.
Planning a Move to Coastal NC?
If you’re thinking about moving to coastal NC, we can help! Creekmore Realty Group specializes in helping clients plan and complete their retirement move to one of our coastal communities. We have extensive knowledge of the 55+ communities throughout southeastern NC. Contact us today to learn more about the benefits of living in this area and how our services can make the transition virtually seamless.