Yes, here in Virginia we do experience earthquakes and floods, but do you really need earthquake and flood insurance? Is the risk worth the savings?

Are there earthquakes in Virginia?

Yes, Virginia, there are earthquakes in the commonwealth. Just ask the residents of Goochland and Louisa counties—the 5.8 magnitude quake that rumbled through the county in 2011 detached chimneys and foundations and severely damaged Louisa County High School. At the time, almost no one who was affected had earthquake coverage on their homeowner policy.  

Should I get earthquake insurance?

Earthquake coverage in Virginia costs comparatively little, as Virginia is usually a seismically quiet state. As such, no one is required to buy earthquake coverage. But after 2011, Goochland County Farm Bureau insurance agent Doug Brandmahl recommends it for everyone, especially homeowners living in masonry houses, which have less structural flexibility.

What about flood risk?

Flooding is the most common natural disaster in the nation, and it can happen to you. Even if you don’t live in a flood plane you’re still at risk. According to FEMA over 20% of flood insurance claims come from outside a mapped high-risk flood zone. If you live in a flood plane, your lender may even require that you carry flood insurance. It’s important to understand your level of risk. Keep in mind a seller doesn’t have to disclose that information, so be sure to check before making an offer—you can check a location’s flood map on the FEMA website.

Do I need additional coverage?

Standard homeowner insurance doesn’t cover water damage caused by rising groundwater, and damage caused by flooding almost always comes with a high price tag. Remember Hurricanes Irene and Isabel? Virginia sees a fair number of high-rainfall weather events that can overwhelm local waterways in a hurry. If your backyard overlooks a lake with a gradual shoreline or is the low point in your neighborhood, it might be worth discussing the options with your agent.

Is the risk worth the savings?

No one can answer this for you, but we're certainly here to help you decide. Understanding your risk is the first step. Talk to an agent to take the next. He or she can help you explore options for earthquake and flood coverage.

“Insurance is something you can only buy when you don’t need it. You can’t rush to buy a flood policy when the water starts rising.”

- Agent Doug Brandmahl GOOCHLAND COUNTY