Skip to main content

«  View All Posts

What Are The Flood Insurance Options In Virginia?

April 29th, 2019 | 5 min read

By Chris Greene

flood insurance options in Virinia

 

 

 

 

Guide to Flood Insurance in Virginia 

 

In Virginia, understanding the intricacies of flood insurance is crucial for homeowners, especially given the state's history with flood events and the presence of high-risk flood areas. The decision to get flood insurance involves navigating a landscape filled with various flood insurance options, including policies from the National Flood Insurance Program (NFIP) and private flood insurance companies. The average cost of flood insurance and the flood insurance rates in Virginia can vary significantly based on factors such as home’s flood risk, flood zone designation, and the base flood elevation of the property.

Understanding Flood Insurance in Virginia

Flood insurance policies are essential in regions prone to flooding, as standard homeowners insurance policies do not cover flood damage. This is a critical consideration for any Virginia homeowner, particularly those in areas like Virginia Beach, known for its susceptibility to flood events. Flood insurance in Virginia depends on several factors, including whether the property is located in a special flood hazard area as determined by FEMA flood zone classifications. It is important to remember that home insurance in Virginia does not typically cover flood damage. There are many different options for flood insurance in virginia. Everyone needs flood insurance in Virginia. Insurance is available to almost everyone in Virginia.

NFIP Flood Insurance

NFIP flood insurance policies provide a safety net for homeowners, covering buildings and contents up to certain limits. These policies are especially relevant in high-risk flood zones, where flood insurance is required by mortgage lenders. The NFIP is administered by the Federal Emergency Management Agency (FEMA), and its flood insurance premiums are based on factors like flood risk, flood elevation, and the presence of flood openings in the structure. Flood insurance rate maps (FIRMs) developed by the FEMA Flood Map Service Center play a crucial role in determining these rates.

The National Flood Insurance Program (NFIP) offers specific coverages for residential properties to protect homeowners against the perils of flooding. Understanding these coverages is crucial for homeowners considering NFIP policies for their flood insurance needs. Here's a breakdown of the coverages offered on residential properties through the NFIP

Building Coverage

  • Structure of the home: This includes the physical structure of the home and its foundation, electrical and plumbing systems, central air and heating systems, water heaters, and permanently installed carpeting over an unfinished floor.
  • Built-in appliances: Built-in appliances like refrigerators, stoves, and built-in dishwashers are covered.
  • Permanently installed paneling, wallboard, bookcases, and cabinets: The cost to replace these features is covered; however, the policy only pays for the damaged portion.
  • Window blinds: Permanent window blinds are included in the coverage.
  • Detached garages: Up to 10% of the building coverage is available for detached garages (this amount is part of the total building coverage and not in addition to it).
  • Debris removal: The policy covers the cost of removing debris resulting from flood damage.

Contents Coverage

  • Personal belongings: Items such as clothing, furniture, and electronic equipment are covered.
  • Curtains: Window treatments including curtains are covered under the contents portion of the policy.
  • Portable and window air conditioners: These are covered as personal property.
  • Portable microwave ovens and portable dishwashers: Items that aren't permanently installed but can be moved are covered.
  • Carpets not included in building coverage: This refers to carpets installed over wood floors or other types of flooring.
  • Certain valuable items: The policy covers up to $2,500 for valuable items such as original artwork and furs.

 

What's Not Covered

It's also important to note what the NFIP does not cover:

  • Personal property outside of the building: Items outside the home such as trees, plants, wells, septic systems, walks, decks, patios, fences, hot tubs, and swimming pools are not covered.
  • Temporary housing and additional living expenses: The NFIP does not cover the costs associated with temporary housing while the insured property is being repaired or is uninhabitable.
  • Currency, precious metals, and valuable papers: Such items are not covered under the NFIP policy.

Coverage Limits

The NFIP sets maximum coverage limits for residential properties:

  • Building coverage is capped at $250,000 for single-family residential buildings.
  • Contents coverage is limited to $100,000 for personal property.

 

Private Flood Insurance Options

In Virginia, homeowners have a variety of options when it comes to securing flood insurance outside of the National Flood Insurance Program (NFIP). Private flood insurance carriers offer competitive alternatives, often with broader coverage options, higher coverage limits, and additional benefits not available through the NFIP. With more than 10 different private flood insurance carriers operating in the state, including notable names like Neptune Flood, Aon Edge, National Catastrophe Program, Dual Commercial, and Hiscox Flood, Virginia homeowners can find tailored solutions that better meet their specific needs.

Private Flood Insurance Coverages

Private flood insurance policies in Virginia can vary significantly from one carrier to another, but they generally offer several key advantages over NFIP policies:

Higher Coverage Limits

Private insurers often provide higher coverage limits for both the structure of the home and its contents. This is particularly beneficial for homeowners with properties valued above the NFIP’s maximum coverage limits of $250,000 for buildings and $100,000 for contents.

Replacement Cost Coverage

Many private insurers offer replacement cost coverage for both the home and its contents. This means that in the event of a loss, the policy would cover the cost to replace the damaged items or parts of the home without deducting for depreciation, which is a significant advantage over the actual cash value settlement offered by the NFIP.

Additional Living Expenses (ALE)

Private policies may include coverage for additional living expenses, providing financial assistance for temporary housing if the insured home is uninhabitable due to flood damage. This coverage is not offered by the NFIP and can be a crucial benefit for displaced homeowners during the recovery process.

Shorter Waiting Periods

The waiting period for coverage to take effect is typically shorter with private flood insurance. While the NFIP enforces a 30-day waiting period from the date of purchase, private insurers may have waiting periods as short as 10 to 14 days. This should help all homeowners in Virginia consider flood insurance. There is a special exception of no wait period if it is for a loan closing.

Broader Coverage Options

Private insurers may offer broader coverage options, including for items and situations not covered by the NFIP, such as outdoor property, decks, patios, and pools. Some policies may also cover the cost of compliance upgrades required by local floodplain management ordinances following a flood.

Choosing a Private Flood Insurance Carrier in Virginia

When selecting a private flood insurance carrier in Virginia, homeowners should consider several factors:

  • Financial Stability: Choose a carrier with a strong financial rating to ensure they can meet their claims obligations.
  • Coverage Options: Look for policies that offer the coverage limits and additional benefits that best suit your needs.
  • Customer Service and Claims Process: Consider the insurer’s reputation for customer service and the efficiency of their claims process.
  • Cost: Compare quotes from multiple carriers to find the best rate. Keep in mind that the cheapest policy may not always offer the best value in terms of coverage and service.

Key Considerations for Virginia Homeowners

  • High-Risk Flood Area: Properties in high-risk flood areas are generally required to have flood insurance. Understanding your home's designation on FEMA flood maps can help determine your insurance needs.
  • Average Cost of Flood Insurance: The average cost and flood insurance premiums in Virginia can vary widely. Flood insurance costs are influenced by the property's location, flood zone, and flood risk.
  • Insurance Cover: It's important to know what your insurance policy covers in terms of flood damage. Flood policies from the NFIP and private insurers have different coverage limits and conditions.
  • Flood Insurance Claims: In the event of being damaged in a flood, having a robust flood claim process is vital. Insurance providers in Virginia offer varying levels of support and efficiency in handling claims.
  • Special Flood Hazard Areas: Properties in special flood hazard areas may face higher flood insurance rates but can also benefit from mitigation efforts such as installing flood openings, which can help reduce flood insurance premiums.

Finding the Best Coverage

For those considering purchasing flood insurance or looking to get cheap flood insurance in Virginia, consulting with an insurance expert also called an insurance agent who understands the flood insurance market in Virginia is crucial. They can provide insights into flood insurance quotes, flood coverage options, and tips on how to get flood insurance in Virginia that meets your needs and budget. Whether through the NFIP or private flood insurance companies, ensuring you have quality flood insurance that offers the best coverage for your home is essential for protecting your property and financial well-being against the unpredictable nature of flooding in Virginia.

Buying flood insurance in Virginia doesn't have to be difficult or expensive. You could possibly save money on flood insurance liked many other Virginia homeowners have done. Looking for affordable flood insurance can be time consuming, but you are in the right place to get all the best flood insurance options. You are three simple steps away from your Virgina flood insurance quote. Simply click the button below to start the quote process. Just a few questions and less than 2 minutes of your time. 

 

Chris Greene