At Goodrich & Watson Insurers, we understand that protecting your home and assets is a top priority. Yet, despite the growing risks posed by extreme weather, many homeowners in Hampton Roads remain unprotected from one of the most significant threats: flooding.
In light of Hurricane Helene, we will be dedicating the month of October to discussing the importance of flood insurance. Helene caused extensive damage to many properties in North Carolina, many of which were located outside designated flood zones.
According to the Federal Emergency Management Agency (FEMA), only about 4% of Americans have flood insurance, a stark contrast to the increasing flood risks from more frequent and intense rainfall events.
One common misconception is that standard homeowner’s insurance covers flooding. In reality, most policies do not, leaving many homeowners vulnerable. Another factor is awareness—many individuals don’t realize they live in a flood-risk area or how important this coverage is.
Read: Frequently Asked Questions About Flood Insurance
The risks are particularly relevant in Virginia and neighboring states like the Carolinas, where insurance rates have climbed by over 27% in recent years. Flood insurance has also seen price hikes, especially with FEMA’s Risk Rating 2.0, a system introduced in 2021 to make the National Flood Insurance Program more sustainable.
While this update makes flood insurance more reflective of true risks, it also means that many homeowners will see their premiums double over the next few years. This increase has led some to drop their policies altogether, believing they can rely on federal assistance in the event of a disaster.
If you don’t have flood insurance or aren’t sure if your current coverage is adequate, now is the time to assess your needs. At Goodrich & Watson, we can help you review your flood risk and find the right coverage for your home.
Contact us today to learn more about your flood insurance options.
Learn more about how you can help those affected by Hurricane Helene by visiting the Red Cross.
