Floods and earthquakes occur in Virginia, but is there really a need for flood or earthquake insurance? Is the risk worth the savings? 

 

What is the flood risk in Virginia? 

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 plain, you’re still at risk.  

According to FEMA, over 20% of flood insurance claims come from outside a mapped high-risk flood zone—you can check a location’s flood map on the FEMA website. If you live in a flood plain, your lender may even require that you carry flood insurance. It’s important to understand your level of risk.  

 

Do I need the additional coverage? 

Standard homeowners insurance doesn’t cover water damage caused by rising groundwater, and damage caused by flooding almost always comes with a high price tag. 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’s worth discussing the options with your agent. 

 

Are there earthquakes in Virginia? 

Yes, there are earthquakes in the commonwealth. Residents of Goochland and Louisa counties once experienced a 5.8 magnitude quake that rumbled through the county, detaching chimneys and foundations and severely damaging Louisa County High School. At the time, almost no one who was affected had earthquake coverage on their homeowners policy.   

 

Should I get earthquake insurance? 

Earthquake coverage in Virginia costs relatively little, as Virginia is usually a seismically quiet state. Currently, no one is required to buy earthquake coverage. However, it is recommended for everyone, especially homeowners living in masonry houses, which have less structural flexibility. 

 

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 step. He or she can help you explore options for earthquake and flood coverage.