Why Even Condo Units Need Flood Insurance in South Carolina

By Brad Davis, CIC (September 28, 2025)

When people think about flood insurance, they usually picture single-family homes on low-lying lots near the Intracoastal Waterway or oceanfront properties in Myrtle Beach. But what if you own a condo unit? Many condo owners assume the building’s master insurance policy automatically covers everything—including flood damage. Unfortunately, that’s not the case.

At Davis Insurance Associates, one of the most common questions we hear is: “Do condo owners really need flood insurance?” The answer is probably yes—and here’s why.

The Myth of the Master Policy

Most condo associations in South Carolina carry a master insurance policy. These policies typically cover the building structure and common areas, such as hallways, elevators, lobbies, pools, and roofs. However, they do not protect the interior of your individual unit – and that’s where a personal flood insurance policy comes in.

If a storm surge from a hurricane or heavy rainfall causes flooding, the master policy may repair the lobby or parking garage. But the floors, drywall, cabinets, appliances, and personal belongings inside your condo are usually your responsibility. Without flood insurance, you could be stuck paying for repairs and replacements out of pocket.

*Read your HOA/COA bylaws – they should spell out what the individual condo unit owners are responsible to cover versus what the HOA/COA is responsible to cover.

To elaborate: The master insurance policy may (and should) cover fire, smoke, wind/hail, vandalism, and more, but even if it does include flood coverage – it is pretty much certain that it will not provide coverage to the interior of your unit for any of those perils. We often hear new customers assume that wrong.

You need coverage to protect your interest of the condo unit not covered by the master policy.

*You can make the argument that a condo unit on the 10th floor of a building does not need flood coverage – but you may be wrong and should discuss this with you agent!

Flood Risk Is Real in Myrtle Beach

Living in Myrtle Beach or anywhere along the South Carolina coast comes with undeniable flood risks. Our region is prone to:

• Hurricanes and tropical storms pushing storm surge inland

• Heavy rainfall overwhelming drainage systems

• King tides that can cause unexpected flooding

• Rising water tables from prolonged wet weather

Even condo complexes built on higher ground can experience water intrusion. Just one inch of water inside your unit can cause tens of thousands of dollars in damage.

👉 More about Flood Insurance from FEMA.gov.

What Condo Flood Insurance Covers in South Carolina

Flood insurance policies (through the National Flood Insurance Program or private carriers) can be customized for condo owners. Generally, coverage includes:

• Building property coverage: walls, flooring, built-in appliances, electrical systems, and plumbing inside your unit

• Contents coverage: furniture, clothing, electronics, and personal items damaged by flood water

This ensures both the physical structure of your condo unit and your personal belongings are protected when the unexpected happens.

*In rare cases, a flood coverage endorsement can be added directly to a condo (HO-6) insurance policy. Some private flood insurers may also extend coverage for Loss of Use or Loss of Rents, but this is not common.

Don’t Rely on Disaster Aid

Some condo owners mistakenly believe FEMA or government disaster assistance will help after a flood. The truth is, federal aid is not guaranteed—and when available, it usually comes in the form of low-interest loans that must be repaid. Flood insurance, on the other hand, provides real coverage to repair and replace what you’ve lost.

Lenders May Require It

If your condo is located in a FEMA-designated flood zone and you have a mortgage, your lender will almost certainly require flood insurance. But even if you’re not in a high-risk zone, you should still consider coverage. In fact, about 25% of flood claims come from properties outside high-risk areas (FEMA.gov).

Affordable Peace of Mind

The cost of flood insurance for a condo unit in South Carolina is often much less than many homeowners expect—especially compared to the financial hit of repairing flood damage on your own. Premiums vary based on the building’s location, elevation, and risk factors, but in many cases, flood insurance is surprisingly affordable.

Protect Your Condo with the Right Coverage

At Davis Insurance Associates, we’ve helped countless condo owners across Myrtle Beach and the Grand Strand understand their risks and secure flood insurance that fits their needs. Even if your association has a master policy, you should strongly consider your own protection.

Your condo is one of your biggest investments. Don’t leave it vulnerable to one of the most common and costly natural disasters in South Carolina.

👉 Visit ThinkDavisInsurance to read more about Condo Insurance or Give Us a Call Today – (843) 213-0000.