Find the Best Flood Insurance Rates and Companies in Virginia
Being a coastal state, Virginia has experienced many flooding disasters over the years. Particularly for properties located along the coastline, flood insurance is critical. Standard homeowners insurance and business insurance policies won't provide reimbursement for property damage caused by natural flooding.
Luckily, a local independent insurance agent in Virginia can help you find the right type of flood insurance. They know which carriers sell the best coverage at a great rate. But first, here's a deep dive into flood insurance in Virginia, including what it covers and more.
Key Takeaways - Virginia Flood Insurance
- In Virginia, flood insurance can cover natural flood damage to a property's contents, foundation, and structure.
- The average cost of flood insurance in Virginia is $726 per year, or approximately $60 per month.
- Virginia's average flood insurance rates are slightly cheaper than the current national average of $899 per year or approximately $75 per month.
- In Virginia, flood insurance can be required for properties with mortgages or those located in high-risk flood zones.
- Working with a local independent insurance agent is strongly recommended, as they can tailor a policy to your unique property and coverage needs.
The Best Flood Insurance Companies in Virginia
You can buy flood insurance from many private carriers in Virginia. Here are our top picks for the best flood insurance companies in Virginia to get you started.
- REInsure Pro: This insurance company sells flood insurance and offers many types of personal insurance products. REInsure Pro works with independent insurance agents and offers fast claims responses.
- Progressive: This insurance company sells flood insurance and several other personal and business insurance products. Progressive has an excellent financial strength rating from AM Best, offers many discounts, and provides 24/7/365 customer service.
- Central Insurance: This insurance company offers flood insurance, in addition to a wide range of personal and business insurance products. Central Insurance has excellent official ratings, 24/7 claims reporting, and great customer feedback.
Your independent insurance agent can help you get set up with the best flood insurance coverage in Virginia.
How to buy flood insurance in Virginia
Virginia flood insurance can be purchased from FEMA's National Flood Insurance Program (NFIP) or from private insurance companies located throughout the state. It might be easiest to work with a local independent insurance agent to get the right policy. These agents have access to several different Virginia flood insurance policies, so they're free to shop and compare quotes and policy options for you.
Is Flood Insurance Required in Virginia?
It can be, yes. Flood insurance is usually required in Virginia for properties located in high-risk flood areas, such as near the coast. But flood insurance can also be mandatory if you have a mortgage on your property. Regardless, having flood insurance can help you avoid potentially catastrophic out-of-pocket losses after a flood event.
What Does Flood Insurance Cover in Virginia?
In Virginia, flood insurance comes with buildings coverage and contents coverage to protect multiple aspects of your property.
- Buildings coverage: This can cover natural flood damage to a building's structure, including its foundation and all of the following:
- Refrigerators, cooking stoves, and built-in appliances like dishwashers
- Electrical and plumbing systems
- Permanently installed cabinets, paneling, and bookcases
- Permanently installed carpeting
- Detached garages
- Window blinds
- Foundation walls, anchorage systems, and staircases
- Fuel tanks, well water tanks and pumps, and solar energy equipment
- Furnaces and water heaters
- Contents coverage: This can cover natural flood damage to your personal property stored inside the insured building, including the following:
- Freezers and the food they contain
- Clothes washers and dryers
- Clothing, furniture, and electronic equipment
- Curtains
- Portable and window air conditioners
- Portable microwave ovens and portable dishwashers
- Certain valuable items, such as original artwork and furs, up to $2,500
- Carpets that are not included in building coverage
A local Virginia independent insurance agent can help you find all the flood coverage you need.
What's Not Covered by Flood Insurance in Virginia?
Flood insurance in Virginia won't cover your vehicles against flood damage, so it's critical to add comprehensive coverage to your auto insurance policy. Further, don't expect any of the following to be covered by flood insurance:
- Personal property kept in a basement
- Financial losses caused by business interruption or loss of use of the insured property
- Preventable damage caused by moisture, mildew, or mold
- Property and belongings outside of the insured building, such as walks, decks, patios, fences, trees, plants, wells, septic systems, seawalls, hot tubs, and swimming pools
- Currency, precious metals, and valuable papers such as stock certificates
- Additional living expenses, such as temporary housing
- Flood damage caused by sewer line breaks or backups*
*Your independent insurance agent can help you protect your home against flooding caused by sewer issues by adding a sewer backup endorsement to your homeowners insurance policy.
How Much Does Flood Insurance Cost in Virginia?
Virginia flood insurance costs an average of $726 per year, or approximately $60 per month. This rate is cheaper than the current national average flood insurance cost of $899 per year, or approximately $75 per month.
Local flood insurance rates are set by FEMA and the NFIP using the Virginia Flood Insurance Rate Map. In addition, Virginia flood insurance rates can be affected by these factors:
- Your home's flood zone designation
- The type of coverage you purchased
- Whether or not your home has a basement
- The deductible and amount of coverage you need
- The location, design, building materials, and age of your home
- The value of your home’s contents
Your independent insurance agent can help you find the most affordable flood insurance coverage in Virginia.
Virginia Flood Zones
With FEMA's official website, you can gauge an accurate Virginia flood risk assessment for your property. The following comprehensive and user-friendly documents are available on FEMA's website:
- Virginia flood zone maps
- Richmond, Virginia flood maps
- Virginia flood zone map PDFS
- Virginia flood plain maps
Your flood zone designation in Virginia can also greatly impact the cost of your coverage. An independent insurance agent can help you get set up with cheap flood insurance in Virginia.
Virginia cities with the highest flood risk
Particularly along the coast, certain properties in Virginia are more prone to flood damage than others. If you own property in any of these cities, be prepared with flood insurance:
- Virginia Beach
- Norfolk
- Hampton
- Chesapeake
- Portsmouth
- Newport News
- Roanoke
- Richmond
- Chincoteague
- Poquoson
You might even be required to have flood insurance if you're located in any of these areas. Your Virginia independent insurance agent can help you get equipped with the coverage you need.
The Best Flood Insurance Discounts in Virginia
Virginia flood insurance discounts are available from the following sources:
- Private flood insurance companies: Several flood insurance discounts are available from many private insurers in Virginia, such as savings for properties with flood-proofing measures and those built on stilts. Savings options vary by flood insurance company.
- FEMA: Flood insurance discounts may be available for newly mapped properties and for those in communities that participate in the Community Rating System. These discounts range from 5% to 45% and are set according to a property's classification.
Your independent insurance agent can help you find all the Virginia flood insurance discounts you qualify for.
How to Apply for Flood Insurance in Virginia
You have three main choices for applying for flood insurance in Virginia:
- FEMA's National Flood Insurance Program (NFIP)
- Private flood insurance companies in Virginia
- Local independent insurance agents in Virginia
Independent insurance agents can help you find the right type of flood insurance for your specific property, whether it's residential or commercial.
How to File a Flood Insurance Claim in Virginia
Virginia flood insurance claims can be filed in just a few easy steps:
- Contact your insurance company or agent: Report the flood disaster right away. Be prepared with your insurance information, including your policy number, when making the call.
- Prepare for an inspection: Reenter your property only after officials have declared it's safe. Next, prepare a detailed written report and photo and video evidence of all property damage for your insurer.
- Work with your claims adjuster: Wait for your insurance company to schedule a visit from a claims adjuster to perform a home inspection to assess the property damage. You might receive an estimate for your reimbursement during their evaluation.
- Receive payment: Finally, you'll receive either a direct deposit or a claims check in the mail with your payout. How much you receive depends on your coverage terms and the extent of property damage.
Your independent insurance agent can actually file flood insurance claims in Virginia directly through your carrier for you. They can also keep you updated throughout the process and let you know when reimbursement is on the way.
FAQs About Virginia Flood Insurance
What is the average cost of flood insurance in Virginia?
The average cost of flood insurance in Virginia is $726 per year, or approximately $60 per month.
What is the best flood insurance company in Virginia?
After comparing dozens of flood insurance companies in Virginia, our top choice is REInsure Pro. REInsure Pro works with independent insurance agents and offers fast claims responses.
Do you need flood insurance in Virginia?
It's possible you will. Flood insurance can be required for properties in Virginia with mortgages or those that are located in high-risk flood zones.
Why work with an independent agent in Virginia when shopping for flood insurance?
Virginia independent insurance agents can help you find the flood insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare flood insurance quotes from several carriers for you.
And down the road, they can help you file flood insurance claims or update your coverage as needed. Your agent can help you find flood insurance in Alexandria or wherever you reside.
Sources
https://www.nerdwallet.com/article/insurance/flood-insurance-cost
www.jeswork.com/resources/basement-waterproofing/top-cities-at-risk-of-flooding-in-virginia/