Flood Insurance in Hampton Roads
Hello Hampton Roads,
One of the great things about living in Hampton Roads is that we are surrounded by water. Being surrounded by water and being in an area that is not very high above sea level also means that there is higher propensity for flooding. According CoreLogic, the Hampton Roads region (and Gloucester County and Currituck County) ranks 5th in the nation for storm surge damage. The 4 other areas in the country that have a greater risk are Miami, New York, Tampa and New Orleans.
For homes in a flood hazard area, flood insurance is a wise measure of protection and for anyone purchasing a home using a mortgage, it is required by the lender. However, once the mortgage is paid off, there is tendency by home owners to drop the coverage and more homes in Hampton Roads are without flood insurance than with it. It's easy to see the temptation to save money on flood insurance, especially if one has never experienced the need for it, but FEMA says that the damage from just one inch of water can cause at least $20,000.00. See The Cost of Big Flooding.
FEMA reports that Virginia Beach has 22,552 flood insurance policies. According to Virginia Beach Emergency Manager, Erin Sutton, the cost for high risk policies can range between $2,000-$10,000 per year and the high risk areas can be found mainly along shore drive and the southern end of the city. The cost for flood insurance is based on how high above base flood elevation (BFE) a home sits; the higher above BFE the less costly flood insurance tends to be and closer to BFE, the more costly.
To see if a home is in a flood hazard area, FEMA provides a look up tool where you enter the addresss of the property here: https://msc.fema.gov/portal. Even if flood insurance is not required for your property, you may to consider purchasing voluntary flood insurance. According to FEMA more than 20% of flood claims come from properties outside of high risk zones. The cost for voluntary flood insurance is also much less and for our area can range between $350-$550/year.
Thanks for Reading,
_________________________
Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+
One of the great things about living in Hampton Roads is that we are surrounded by water. Being surrounded by water and being in an area that is not very high above sea level also means that there is higher propensity for flooding. According CoreLogic, the Hampton Roads region (and Gloucester County and Currituck County) ranks 5th in the nation for storm surge damage. The 4 other areas in the country that have a greater risk are Miami, New York, Tampa and New Orleans.
For homes in a flood hazard area, flood insurance is a wise measure of protection and for anyone purchasing a home using a mortgage, it is required by the lender. However, once the mortgage is paid off, there is tendency by home owners to drop the coverage and more homes in Hampton Roads are without flood insurance than with it. It's easy to see the temptation to save money on flood insurance, especially if one has never experienced the need for it, but FEMA says that the damage from just one inch of water can cause at least $20,000.00. See The Cost of Big Flooding.
FEMA reports that Virginia Beach has 22,552 flood insurance policies. According to Virginia Beach Emergency Manager, Erin Sutton, the cost for high risk policies can range between $2,000-$10,000 per year and the high risk areas can be found mainly along shore drive and the southern end of the city. The cost for flood insurance is based on how high above base flood elevation (BFE) a home sits; the higher above BFE the less costly flood insurance tends to be and closer to BFE, the more costly.
To see if a home is in a flood hazard area, FEMA provides a look up tool where you enter the addresss of the property here: https://msc.fema.gov/portal. Even if flood insurance is not required for your property, you may to consider purchasing voluntary flood insurance. According to FEMA more than 20% of flood claims come from properties outside of high risk zones. The cost for voluntary flood insurance is also much less and for our area can range between $350-$550/year.
Thanks for Reading,
_________________________
Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+
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