The demand for flood insurance in South Carolina has decreased as property development continues to rise, despite an increase in water damage from storms like Tropical Storm Debby. Recent data from FEMA indicates that the number of flood insurance policies in the state dipped below 200,000 for the first time in recent history, down 1.4% year-over-year. Many homeowners are opting out of purchasing insurance due to rising homeowner insurance rates and financial constraints, alongside new government pricing models that may increase premiums for many. Officials urge residents in flood-prone areas to reassess their need for flood insurance as storms continue to pose significant risks.
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