03/12/2010 - RICHMOND, Va. — Flooding is the most common natural disaster in Virginia, and it can be costly. Just one inch of water in a home or office can cost about $8,000 for cleanup, according to state health and safety officials.
Flooding cleanup can include replacing drywalls, baseboards, floor coverings, furniture and appliances, various other personal belongings and some utilities and heating equipment.
Homeowners and business insurance policies typically do not cover flooding. As spring flooding season approaches, Virginians should talk now with their agents about flood insurance because there is normally a 30-day waiting period before coverage begins. Flood insurance is also available to renters.
"Historically, Virginia has experienced more than $400 million in flood damage each decade since the 1950s," said Michael Cline, state coordinator for the Virginia Department of Emergency Management (VDEM). "Having flood insurance is an important way to protect yourself from major, unexpected losses."
Virginians don't have to live in high risk areas to be at risk. Even a very small stream or dry creek bed can overflow and create flooding. About 25 percent of insurance claims for flooding happen outside of special flood hazard areas, yet just 4.3 percent of Virginia households in low- to moderate-risk areas are covered with flood insurance protection, according to Cline.
Flood insurance pays benefits even if a federal disaster is not declared. Federal disaster assistance is available only if the president declares a disaster, and more than 90 percent of all U.S. disasters are not presidentially declared.
Here are some reasons why it will benefit contacting insurance agents now to talk about the National Flood Insurance Program (NFIP). Talking to an agent will also provide answers as to what flood insurance does and does not cover:
- Spring flooding is almost here
- There is a usually a 30-day waiting period before coverage begins
- Coverage is relatively inexpensive
- Renters can buy flood insurance and/or contents coverage for personal belongings or business inventory; landlords are only responsible for insurance on buildings
- Basement coverage includes cleanup expense and repair or replacement of items, such as furnaces, water heaters, washers, dryers, air conditioners, freezers and pumps
- You do not have to repay flood insurance benefits as you do with disaster-related assistance loans
- You can receive payments for flood-related losses even if no disaster was declared
- New flood insurance rate maps are being updated and will be available soon too more accurately reflect flood risks in communities
- If you are not in a high hazard area now but close to one, it may be worthwhile to get flood insurance now at a lower rate in case your risk changes
- Buying flood insurance is the best thing you can do to protect your home, business and your family's financial security from a flood