Flood Insurance in VA...What Does it Cover?

Flooding is the most common natural disaster in Virginia.

• Floods can occur almost anywhere at any time. You don't need to live near water.
• Flash floods, inland flooding and seasonal storms bring flooding to every region of the state including Richmond.
• Just inches of water can cause tens of thousands of dollars in damage.

Most homeowners insurance does not cover floods.

• Only flood insurance financially protects your home and your personal property from floods.
• A flood insurance policy compensates homeowners, renters and business owners for all covered losses, and as opposed to a disaster loan, there is no payback requirement.
• The average flood insurance policy costs about $600 per year.
• Once purchased, there is a 30-day waiting period for the policy to become effective, so don't wait to buy it!

You can purchase flood insurance no matter what your flood risk is.

• It doesn't matter whether your flood risk is high or low, you can buy flood insurance as long as your community participates in the National Flood Insurance Program.
• You can get flood insurance if your house has been flooded before, and you can purchase it even if your mortgage doesn't require it.
• People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding.

Preferred Risk Policies provide protection at the best price.

• For just $129 a year, homeowners can purchase a minimum of $20,000 building and $8,000 contents coverage ($25 more if there is a basement).
• Renters can pay as little as $49 per year for $8,000 contents coverage.
• Business owners can buy $50,000 building coverage and $50,000 contents coverage (per building) for just $567 per year.
• Business owners who lease their space can purchase $50,000 contents coverage for just $162 per year.
• To qualify for a PRP, the property must be located in a moderate-to-low risk zone.

I need an Insurance Agent in Richmond

Contrary to what you may believe insurance agents in Richmond are in high demand. Why?

Information over load and lack of knowledge. This is oxymoron, I know, but it's true. Today there is more information at our deposal then ever before; however, most people don't understand insurance.

Most people don't want to pay any more than they have to and they want to make sure they have the coverage they need. Knowledgeable insurance agents will help filter through what you need and what you don't need. The problem is there are very few true insurance agents in Richmond.

It may seem like there's an insurance agent on every corner and you certainly can't turn on the TV or radio without seeing or hearing an insurance commercial. The realty is most of the insurance agents you see or hear are not true agents. They are sales rep's for their prospective companies.

The difference between and insurance agent and a sales rep is simple...an insurance agent works for you, not the insurance company. An insurance agent provides options from several companies, not just one. These agents, also referred to as independent insurance agents, represent several companies and they can help you find the best policy in Richmond.

If you have a policy with State Farm, Allstate, Nationwide or Geico you are working with a sales rep, not an agent. These sales reps can only offer 1 company product which may or may not be what you need.

The demand for independent agents in Richmond is at an all time high so the next time you review your insurance make sure you speak to an independent insurance agent.