Virginia Flood Insurance

Virginia Flood Insurance Information

Even though flood insurance is relatively inexpensive,
most homeowners do not choose to purchase the
insurance protection available. According to the
Federal Insurance Administration, less than one-
quarter of the homes in areas most vulnerable are
insured against flood loss. In those areas, flooding is
24 times more likely to occur than a fire during the
course of a typical 30 year mortgage.

A standard homeowners insurance policy will not
cover damages caused by flooding. You must have
flood insurance from an insurer that writes for the
National Flood Insurance Program. If your community
participates in a floodplain management program, you
should be eligible to buy the coverage no matter if
your flood risk is low, medium or high. Residents of
"coastal barrier areas" and communities that do not
participate in floodplain management programs may
have trouble finding flood insurance coverage. Virginia
flood insurance is also available to renters,
condominium owners, and co-op owners.

Outside of fire, flooding is the most widespread natural disaster.
According to the National Flood Insurance Program, two adjacent
properties have to be under water to call the situation a flood. In a rural
area, at least 2 acres must be submerged.

The two primary types of Virginia Flood Insurance Policies are listed below.

Actual Cash Value Policy

The value of property as figured by determining the cost to replace the damaged or
destroyed property and adjusting the replacement value by subtracting an amount
that reflects depreciation. Or in other words, replacement cost minus
depreciation. Homeowners are entitled to a replacement cost value if they live in
their homes at least 80% of the time and have flood insurance coverage for at least
80% of their home's market value.

Commercial and apartment buildings will be covered only for actual cash value.

Replacement Value Policy

The amount it costs to replace or rebuild a damaged property. Replacement cost
coverage is available only for the building portion of a condominium insurance
policy. Owners of single-family homes may be able to buy replacement cost
coverage on the building portions of their flood insurance policies. A Virginia flood
insurance replacement value policy will pay only the replacement value up to the
coverage limit. For example, if rebuilding your home will cost $400,000, but you
only purchased $300,000 in coverage, your insurance policy will pay you only
$300,000.

Click on the link below to fill out a secure quote request form for a Virginia Flood
Insurance policy that will provide excellent personal insurance coverage at an
affordable cost. Or you can speak with our Virginia Flood Insurance specialist at
(804) 706-1766 to discuss the policy features in more detail.

Click here to fill out a

Virginia Flood Insurance

quote request form

We are a full-service Chester, VA insurance agency offering affordable Virginia flood
insurance policy premiums in the following cities and counties: Richmond,
Petersburg, Chesterfield, Centralia, Colonial Heights, Kingsland, Bensley, Varina,
Midlothian, Bon Air, Montrose, Hopewell, Matoaca, Ettrick, Prince George, New
Bohemia, Sandston, Fair Oaks, Highland Springs, Lakeside, Mechanicsville, Laurel,
Short Pump, Glen Allen, Greendale, Atlee, Winterpock, Adkins Store, Garysville,
Burrowsville, Brandon, Savedge, Disputania, Carson, Sutherland, Five Forks,
Moseley, Stott, Flat Rock, Roxbury, Tallysville, Studley, Ashland, Rockville, Manakin,
Elmont, Hanover, Crozier, Prince George County, Dinwiddie County, Charles City
County, Powhatan County, New Kent County, Hanover County, Henrico County, and
Chesterfield County, VA.

Flood Perils Include:

Unusual & rapid accumulation of runoff or surface
waters from any source

Overflow of inland or tidal waters

Mud slides caused by flooding

The washing away, collapse, or subsiding of land
along the shoreline due to erosion or undermining
of waves or currents exceeding the cyclical levels

Sewer backup caused by flooding

To review the Federal Emergency Management Agency's
Flood Maps for your property...click HERE!

**The information, pictures, and other content in this website about particular insurance
services is only provided for informational purposes. Any decisions regarding your
insurance needs should be discussed with a licensed insurance agent.

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