Think You Might Need Flood Insurance?

Hello Hampton Roads,

Think you might need flood insurance? If you live in Hampton Roads it's not a bad idea. Surrounded by water and with many low-lying areas below ten feet in elevation, the region is prone to flooding--think about the Laskin Road corridor, the Hague, and Ghent when it rains. If you are new to the area, check out this video from local television station Wavy-10.  

Flooding can be caused by a number of things, such as sea level rise, storm surge, river overflow, or rain. Hampton Roads ranks 5th in the country for being at risk of flooding and was called "the largest population center at greatest risk from sea level rise outside of New Orleans" in a sea level rise study prepared by the Institute for Environmental Negotiation at the University of Virginia. 

Not only is sea level rise in Hampton Roads a concern, but so is land attrition. The land is sinking at a rate of 1-2 inches every 20 years. Sinking land, also known as subsidence, is often caused by the removal of material underground such as water, oil, or gas.  A helpful resource, GetFloodFluent.org  says the land sinking is the reason why Hampton Roads has the highest level of sea level rise on the East Coast.

So what does this mean for you if you are buying a home in Hampton Roads? First determine if the home you want to buy is in a flood zone that requires flood insurance.  If you are purchasing a home with financing, and the property lies in a flood zone outside of "X" or "X-500" your lender will require you to obtain flood insurance. Even if the property is in a zone that doesn't require flood insurance, consider purchasing voluntary flood insurance for peace of mind because homeowner insurance policies typically don't cover flood damage. 

According to FEMA.gov, "Just 1 inch of water pooled in a single-story, 1,000 square-foot home can cause close to $11,000 worth of damage; 1 foot of water in a 2,500 square-foot single-story home can cause more than $29,000 in damage." 

I hope you find this information helpful and if you have any questions please let me know!

Thanks for Reading,

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