Home insurance

Average cost of homeowners insurance for $300,000 dwelling coverage

Flood insurance

In Virginia, flood insurance plays a crucial role in safeguarding homes against the perils of flooding:

Risk Assessment:

Virginia has over 482,760 properties at severe risk of flooding over the next 30 years.

Surprisingly, there are only around 94,000 flood insurance policies in the state.

While flood insurance is typically required by mortgage lenders for homes in high-risk flood zones, it’s essential to note that 21% of all flood damage claims in Virginia come from areas with a minimal-to-moderate risk of flooding.

Flooding is the most common and expensive natural disaster in the country, affecting 99% of U.S. counties.

Cost and Coverage:

The average cost of flood insurance in Virginia is $743 per year when purchased through the National Flood Insurance Program (NFIP).

However, under the NFIP’s new method for determining costs, flood insurance rates in Virginia are expected to increase to $1,077 per year—a 45% increase over the current rates.

Homeowners insurance doesn’t cover water damage caused by flooding, so it’s prudent to consider a separate flood insurance policy, regardless of whether your home is in a high-risk flood zone or not1.

Legal Requirements:

In Virginia, you’re not legally required to purchase flood insurance.

However, your mortgage lender can mandate it before offering you a loan, especially if you live in a high-risk flood zone.

Roughly 9% of homes in Virginia fall into these high-risk areas.

But even if you don’t live in a high-risk zone, considering flood insurance is wise, as more than 1 in 5 flood damage claims in the state come from homeowners in low-to-moderate-risk flood zones1.

Auto insurance

Virginia rank by state for highest monthly premium: