Flood insurance is critical to homeownership, especially in regions prone to flooding. For residents in South Carolina, particularly in the areas of Summerville and Charleston, understanding the differences in flood insurance rates is essential for making informed decisions about protecting their properties. 

Today, the Martin Freeman Group team compares and contrasts insurance rates in Summerville and Charleston, shedding light on the factors contributing to these variations.

Geographic Location

Summerville and Charleston share proximity, both being situated in coastal South Carolina. However, their locations differ slightly, which plays a significant role in determining insurance rates. 

Summerville is more inland than Charleston, resulting in a lower risk of direct coastal flooding. Conversely, Charleston is situated along the coast, making it more susceptible to storm surges and tidal flooding. Consequently, insurance rates in Charleston tend to be higher due to the elevated risk. This can even be seen in heavy rain, which makes it of even more concern to homeowners in the area. 

Flood Zones

The Federal Emergency Management Agency (FEMA) designates zones based on the likelihood of flooding. These zones are categorized as high-risk (Special Flood Hazard Areas or SFHAs) and moderate- to low-risk zones. Property in SFHAs are more prone to flooding, attracting higher insurance premiums. 

In Summerville, most properties fall under moderate- to low-risk zones, leading to comparatively lower insurance rates. Conversely, Charleston has a more significant proportion of properties in SFHAs, leading to higher insurance rates. You can observe those zones through their website at any time.

Elevation Levels

The elevation of a property plays a significant role in insurance rate determination. Higher elevation levels offer protection, resulting in lower premiums. In Summerville, many properties have a higher elevation compared to those in Charleston, leading to lower insurance rates for residents in Summerville.

Protection Infrastructure

Investments in protection infrastructure can impact insurance rates. Areas with robust mitigation systems, such as levees, walls, or drainage systems, tend to experience fewer related damages. 

Property owners in regions with better flood protection infrastructure may enjoy more affordable flood insurance rates. As a larger city, Charleston has had more extensive investments in flood protection infrastructure than Summerville, which positively impacts insurance rates in Charleston.

Historical Data

Historical data and previous claims also influence insurance rates in a specific area. Charleston has experienced several significant instances throughout its history which can contribute to higher insurance premiums. You may not looking to be pay those numbers, and that is why it is important to understand where they come from.

On the other hand, Summerville has a less turbulent history, resulting in relatively lower insurance rates. Historical instances are very important when it comes to observing what could happen. 

Property Value and Coverage

The value of a property and the extent of coverage desired by the property owner also impact insurance rates. Typically, higher property values and broader coverage lead to higher premiums. Charleston, a larger city with higher property values, tends to have higher insurance rates than Summerville.

There are many factors working to influence these rates.

Work With The Martin Freeman Group 

Insurance rates in Summerville and Charleston differ due to several factors, including geographic location, zones, elevation levels, protection infrastructure, historical data, and property value and coverage. Residents in Summerville generally enjoy lower insurance rates due to their location and elevation, while Charleston residents face higher rates because of its coastal positioning and historical flood incidents. 

Understanding these factors can help homeowners make informed decisions about protecting their properties and finances in the face of potential flood risks. Working with The Martin Freeman Group can give you more insight. We can help you find a home while considering all the necessary risk factors.