- 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.