How Much Is Flood Insurance in Virginia? Average Flood Insurance Cost and Coverage

Flood insurance rates in Virginia depend on the county of residence and property-related risks. According to the Federal Emergency Management Agency (FEMA), specific determinants of your premium include building characteristics, such as elevation, foundation type, unit location, and replacement and repair costs.

Virginia has several high-risk flood zones spread across several counties. A local flood map can help determine whether your household is in a moderate or high-risk zone. Purchasing flood insurance can help you avoid the high costs of flood damage. FEMA’s data shows that you may incur up to $25,000 due to damage caused by only an inch of flood water.

Remember, renters and homeowners insurance policies usually do not cover flooding from natural weather events.

TABLE OF CONTENTS

• Cost of Flood Insurance in Virginia
• Flood Insurance Companies in Virginia
• Flood Insurance Coverage
• Flood Insurance Cost Factors in Virginia
• Do You Need Flood Insurance?
• Virginia Flood Insurance FAQs

The average flood insurance policy cost in Virginia is $792 per year. However, rates vary greatly based on individual property risks and whether you live in a flood-prone county. Premiums are typically higher for those who live in moderate or high-risk flood zones.

On average, a Virginia flood insurance policy costs $23 more than the national rate, meaning there may be a higher-than-average number of flood-prone areas in the state.

MoneyGeek discovered that the cheapest county in Virginia for flood insurance is Nottoway at roughly $386 per year. Meanwhile, Martinsville is the most expensive, with an average annual premium of $9,023. The following table outlines average flood insurance rates in the counties in Virginia.

Virginia residents interested in flood insurance can get a policy from the NFIP or a private company. Private companies sell base flood insurance policies similar to NFIP and excess policies that offer more coverage than base policies. MoneyGeek recommends getting coverage from a private provider if you live outside an NFIP community or an NFIP policy does not meet your household needs.

The NFIP also provides flood insurance policies through partner companies across Virginia. The table below lists the NFIP-participating companies in Virginia.

Getting flood insurance in Virginia is not difficult since there are no requirements; all you need to do is to contact NFIP at 877-336-2627, your home insurance agent or a private insurance provider.

You should purchase flood insurance as early as possible since NFIP has a waiting period of 30 days. Private insurance providers in Virginia often have a 10-day waiting period, but the duration may differ with some companies.

Flood insurance typically covers your building structure and anything in it. Floods can cause significant damage to your home; even an inch of water can cause damage worth up to $25,000.

While flood insurance covers the building structure and its contents, certain sections of your home are excluded. These are patios, swimming pools, landscaping, basement items, decks, vehicles, cash and paperwork. To protect your vehicle, get comprehensive coverage in your auto policy.

A standard flood insurance policy in Virginia offers coverage to your building. The specific sections of your home’s physical structure it includes are:

• Foundation walls
• Electrical systems
• Plumbing systems
• Furnaces, central heating and air conditioning
• Built-in appliances
• Permanent carpets
• Built-in furniture

NFIP allows a policy with up to $250,000 in flood building coverage.

Aside from covering damages to the building structure, flood insurance also offers coverage for personal belongings, such as:

• Clothing
• Furniture
• Electronic equipment
• Washers and dryers
• Artwork

NFIP policies usually feature up to $100,000 as the coverage limit for personal belongings.

Until October 2021, insurance providers determined flood insurance costs based on the buyer’s location, with counties considered as flood zones featuring higher premiums. You can use FEMA’s interactive map to check the historical flood risk across Virginia.

Based on the data, Fairfax County has had the highest number of flooding incidents, at 138, while Salem and Charles City each have had two flooding events, the lowest in the state. On average, the cost of flood insurance in Fairfax is $641 annually, while in Charles City, it costs around $515 per year. Salem has a higher average annual premium of $2,993.

In October 2021, FEMA introduced Risk Rating 2.0, a rating system to help keep flood insurance premiums at a minimum. In addition to the buyer’s location, the system also considers property risks like the dwelling structure, foundation type, likelihood of flooding, proximity to water bodies, elevation and repair or replacement costs when determining individual flood insurance rates.

Nevertheless, your location is still the primary determinant of flood insurance costs in Virginia. MoneyGeek compares some notable influences of flood insurance in the state below.

Because flood insurance is often excluded from a renters or homeowners policy, MoneyGeek recommends getting separate coverage for your property, which may be vulnerable to flooding. Lenders and government-backed mortgages require individuals who live in high-risk flood areas to have flood insurance. Additionally, FEMA recommends having flood insurance protection for those in low or moderate-risk areas.

Having a flood insurance policy comes with great peace of mind. Moreover, insurers are still obliged to pay your claim even if there is no presidential disaster declaration. Federal disaster assistance loans or grants have a limit of $5,000, but your flood insurance policy has a higher limit.

How much is flood insurance in Virginia? MoneyGeek responded to the frequently asked questions to help you estimate your rate.