A standard homeowner’s insurance policy does not cover
In 1968, Congress created the National Flood Insurance Program (NFIP)
to help provide a means for property owners to financially protect themselves
from a flood. The NFIP offers flood insurance to homeowners, renters, and
business owners if their community participates in the NFIP. Participating
communities agree to adopt and enforce ordinances that meet or exceed FEMA
requirements to reduce the risk of flooding.
Find out more about the NFIP and how it can help you protect yourself.
Create your Flood Risk Profile to help understand your flood risk level.
How to Purchase Flood Insurance?
Flood insurance is administered through local casualty
insurance agents and brokers using the write-your-own program. Homeowners and
business owners should contact their local insurance company of choice to
purchase flood insurance coverage. Building owners can insure both the
structure and contents – these are sold separately so be sure to ask about both.
Renters can insure the contents of their dwelling. Mobile homeowners can be
insured if located on a permanent foundation and anchored to resist movement
during a flood. To ensure you are receiving the best rate possible, be sure to
provide your insurance agent a copy of your elevation certificate.
Who Needs Flood Insurance?
Flood insurance is required by federal regulations for
structures either partially or completely located in a Special Flood Hazard
Area and with a mortgage backed by federal programs such as Fannie Mae and
Freddie Mac. Owning flood insurance is necessary to maintain eligibility for
any federal or federally related financial reconstruction or acquisition
Much of Virginia Beach is susceptible to some level of
flooding, and all property owners and renters are encouraged to contact an
insurance agent to inquire about purchasing flood insurance.A home located in a
Special Flood Hazard Area has a 26 percent chance of flooding over the lifetime of a
30-year mortgage. Even if your home is not in a defined Special Flood Hazard Area,
you still may want to consider purchasing a flood insurance policy - each year
between 25 percent to 30 percent of flood insurance claims occur in non-special flood hazard
areas. Policy’s purchased for homes in a non-special flood hazard area are
called Preferred Risk Policies (PRPs) and are less expensive than policies for
homes in Special Flood Hazard Areas due to their deceased risk of flooding.
Visit the National Flood Insurance Program
website to obtain detailed information about flood insurance for property
owners, claims adjusters, insurance professionals, lenders, state and local
officials, and surveyors.
For more information, contact your insurance agent or company,
or call the National Flood Insurance Program's toll-free number at
1-888-379-9531 (TDD# 1-800-427-5593). Or email FloodSmart@dhs.gov.
Flood Insurance Reform
In 2012, Congress passed the Biggert-Waters Flood Insurance
Reform Act. In March 2014, Congress passed the Grimm-Waters Homeowner Flood
Insurance Affordability Act. These Acts call on the Federal Emergency
Management Agency (FEMA), and other agencies, to make a number of changes to
the way the NFIP is run. Some of these changes have already occurred, while
others will be implemented in the coming months. Key provisions of the
legislation will require the NFIP to raise rates to reflect true flood risk,
make the program more financially stable, and change how Flood Insurance Rate
Map (FIRM) updates impact policyholders.
The changes will mean premium rate
increases for some, but not all, policyholders over time. For more information
on either the Biggert-Waters Act or the Grimm Waters Act, please click
here. If you have questions about how these bills will affect your flood
insurance rate, please contact your insurance agent.