Get Cheap Flood Insurance Virginia in 2023 without Compromising Your Coverage.
How much is flood insurance in Virginia?
Floods can happen anywhere, at any time. It can be a painful experience, especially when you have to think about all the damage to your home and all the costs involved in getting your life back together. With unpredictable weather patterns that bring flooding to unexpected places, it’s important to consider flood insurance for your home in Virginia.
There are different levels of protection available depending on where you live. Knowing how much flood insurance in Virginia will cost you is part of protecting what matters most.
Our team of Flood Nerds is experienced in understanding all the options available for your property so that you can confidently make an educated decision. Most of our clients save from $500 – $2,500 on their Virginia flood insurance by moving to one of our many private flood insurance options.
Certain variables need to be considered to determine the cost of flood insurance in Virginia. For an accurate estimate, we’ve created a quick calculator below. But, to obtain a reliable assessment, we recommend requesting a free quote that only takes a few minutes to complete.
Most of our clients in Virginia pay between $500 and $1,500 for home flood insurance.
Learn how much flood insurance coverage could cost for your Virginia home with us today.
Finding Cheap Flood Insurance in Virginia, the Flood Nerd™ Way
You’ve probably heard it before – finding cheap flood insurance in Virginia can be daunting. But have no fear; flood nerds are here! If you’re looking for cheap flood insurance in Virginia, then you’ve come to the right place. We shop for the cheapest flood insurance policies that don’t compromise on coverage and have a few exclusive cheap Flood insurance companies in Virginia. Let us show you how we do it.
Step 1: Get us your information by filling out our online form
The first step to getting your cheap flood insurance in Virginia is getting your Flood Nerd your property information using our online form. This will allow us to shop your property and compare it to the NFIP to ensure you get the cheapest flood insurance policy.
Step 2: Shop Around and Compare Rates
Don’t just accept the first quote you get from your local agent – let a flood nerd shop around and compare rates to our pre-flood nerd-approved options to ensure you have found a flood insurance company with your flood nerds’ help getting the better deal. The NFIP has had a monopoly on flood insurance for many years, and now it is time to save money in Virginia.
Step 3: Utilize Exclusive Companies
Since Flood Nerds only work in flood insurance, we have many more options than others, and we have some exclusive relationships with several companies that can offer low-cost policies not available to an agent that isn’t a flood insurance expert in Virginia – giving our customers access to even more savings opportunities than they would find elsewhere. By leveraging our exclusive relationships, customers can save hundreds of dollars on their premiums while still receiving better coverage and peace of mind knowing their property is protected from floods.
Getting quality flood insurance in Virginia doesn’t have to be difficult or expensive. With Flood Nerds on your side, you can feel confident that you’re getting great coverage without compromising on coverage or quality of service. We understand that everyone’s situation is different, so we strive to provide personalized solutions tailored to each customer’s needs and budget constraints – so why wait? Contact us today, and let us help you find cheap flood insurance in Virginia!
Virginia Flood Insurance
Does my Virginia homeowner insurance cover flooding?
A typical Virginia homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.
In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.
Do I need flood insurance in Virginia?
Having flood insurance coverage in Virginia is important because our beloved Cowboy State has seen a fair share of flooding, and more is likely coming.
We believe most homeowners think about Flood insurance in Virginia at some point, maybe before buying a home or during the closing process. However, many of us only think about it when a big storm is looming, or we have heard on the news that there is flooding forecasted or happening too close to our home.
If your home or business is in a flood zone, that is considered a low flood-risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate and insurance agents may even say you don’t need it.
I ask you to consider the facts: 20 percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas. 80 percent of these individuals had water in their homes or buildings and didn’t have flood insurance coverage.
In Harris county, nearly 135,000 homes were damaged. Three-fourths of these properties were considered low to moderate risk.
Flooding in Virginia
We often hear that people believe the government will help, which is true. However, a few things must align for you to get government assistance.
1 – The president of the United States must declare the flooding event a state of emergency. If this doesn’t happen, then there won’t be assistance.
2 – Homeowners’ average amount of assistance after a flood, when they do not have flood coverage, is $5,000. The average cost of damage to one’s property after a flood is $38,000+. That $5K you get from the government? It comes as a loan, and you will need to pay it back. Are you willing to gamble your financial future by forgoing flood insurance coverage?
One more note on these low-risk flood zone maps. Many of these maps are over 40 years old. If the area has been developed, there is likely more concrete, creating a barrier for land that previously might have absorbed the massive downpour.
Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea of part of the risk. Our recent storms are facts that it can rain anywhere within Virginia, and you should consider getting flood coverage so you are not uninsured when you need it most.
FEMA flood zone maps often take years to go into effect after the terrain was studied; this gives the impression that the area is “more up to date” than it is.
The average cost for Virginia flood insurance in these Low-risk areas is $595 per year.
FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these Virginia flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an area’s flood risk can leave property owners under or uninsured.
How much is flood insurance in Virginia?
Virginia NFIP flood insurance.
There are many options available in Virginia regarding flood insurance, but they fall into two main categories. The NFIP/FEMA or government option and the Private flood insurance market.
The National Flood Insurance Program (NFIP), also known as FEMA, is the government option for flood insurance. The NFIP has enjoyed a 50-state monopoly on the flood insurance market.
Not “private flood insurance” but NFIP Resellers
Suppose you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the logos below. In that case, you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.
Virginia private flood insurance market
There are alternatives to the NFIP or government insurance. It is called Private flood insurance, most notably Lloyds of London Flood insurance. However, there are other options available in Virginia. We shop all the options for your property in your region to ensure you are getting the best premium. If you are ready to have us do the work for you, please click here.
Our shopping does include the NFIP because sometimes we find that with government subsidies, you can get a much better premium.
Virginia flood insurance quote
Lloyds of London Flood Insurance Virginia Market
Virginia is fortunate to have many Lloyds of London flood insurance options. Although many Lloyds flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.
Lloyds of London has a rich history attributed to having invented the first modern insurance model. Unlike most of its competition, Lloyds of London is not a company but a corporate body. This structure works well since it has been around for over 330 years. Lloyds operates under multiple financial backers pooling their capital to spread the risk.
I have two blog posts that deep dive into Lloyds of London and what they mean to Virginia’s flood insurance market. If you are interested, the links are below.
Lloyds of London Flood Insurance
NFIP vs PrivateFlood Insurance
Lloyds also insures the world for flood insurance, meaning they cover flooding events in India, Australia, and much of Europe. The “game” of insurance is to spread your risk since Lloyds is worldwide.
My joke here is that Lloyds is banking on God’s promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole world’s flood claim.
How much does flood insurance cost in Virginia?
Many factors go into getting the cost of flood insurance for Virginia. If your home is in what is considered a low-to-moderate risk, you can get a heavily subsidized policy through the government.
Virginia flood insurance low-to Moderate Risk rate and cost.
This is Flood Zone X, which is not lender required flood zone.
This is usually identified as an X-flood zone. Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see the grid below):