South Carolina Code of Laws
Chapter 101 - Private Flood Insurance Act
Section 38-101-40. Private flood insurance policies; deductibles and policy limits.

(A) Private flood insurance policies issued pursuant to this chapter include:
(1) "Standard flood insurance", which means a private flood insurance policy which covers only losses from the named peril of flood at least equivalent, when taken as a whole, to that provided under a standard flood insurance policy under the National Flood Insurance Program (NFIP) including deductibles, exclusions, and other terms and conditions offered by the insurer. The policy form also must include:
(a) information about the availability of flood insurance coverage under the NFIP;
(b) a mortgage interest clause substantially similar to the clause contained in a standard flood insurance policy under the NFIP;
(c) a provision requiring an insured to file suit no later than one year after the date of a written denial of all or part of a claim under the policy; and
(d) cancellation provisions that are as restrictive as the provisions contained in a standard flood insurance policy under the NFIP.
(2) "Nonstandard flood insurance", which may, but is not required to, provide coverage designed to supplement a flood policy obtained from the NFIP or from an insurer issuing standard flood insurance pursuant to this section. This includes any other policy issued for the coverage of flood that does not meet the definition of a standard flood insurance policy as defined above. Nonstandard flood insurance also includes policies that have a broader definition of flood than that provided for in Section 38-101-20(1) and discretionary acceptance private flood insurance as provided for in 12 C.F.R. Part 208.25.
(B) Flood insurance deductibles and policy limits must be prominently noted on the policy declarations page or face page of the policy at issuance and renewal in at least ten-point font.
HISTORY: 2020 Act No. 166 (S.882), Section 2, eff November 27, 2020; 2022 Act No. 195 (H.4832), Section 13, eff May 16, 2022.

Editor's Note
2020 Act No. 166, Section 3, provides as follows:
"SECTION 3. This act becomes effective sixty days following approval by the Governor. Insurers that are writing private flood insurance at the time of enactment have an additional one hundred twenty days to come into compliance with the requirements of this act."
Effect of Amendment
2022 Act No. 195, Section 13, in (A)(1), in the first sentence, substituted "named peril" for "peril".