Virginia flood insurance: what homeowners should know

Do you need flood insurance in Virginia?

Virginia is seeing an increase in natural disasters that lead to serious flooding. For example, Central Virginia saw flash flooding in mid-July 2025 after a series of thunderstorms, and the National Weather Service announced a flood watch in Arlington around the same time. When Hurricane Helene hit the state in 2024, an estimated $125 million in damage was sustained in Southwest Virginia, much of it caused by floodwaters.

If you live in VA, you should know that most standard home insurance policies won’t cover flood damage. In order to be covered for water damage from flooding, you’ll need supplemental insurance. You can purchase flood insurance from certain private insurers or get a policy from the National Flood Insurance Program (NFIP). While the decision to buy flood insurance in Virginia is a personal one, it is likely a wise investment for your property in the Old Dominion. In some cases, your mortgage lender may require that you carry this type of coverage.

Cost of Virginia flood insurance

Just like the cost of home insurance, how much flood insurance costs in VA depends on several factors. As of July 2025, the average annual cost of an NFIP flood policy in Virginia is $739. Keep in mind that homes in parts of the state with a higher risk of flood damage are usually more expensive to insure. To compare, the national average cost of flood insurance for a single-family home is $926.

While the above figures are simply averages, your individual premium will also account for other factors. Some are in your control, while others are not — like your property’s elevation or proximity to water. Here are the factors that insurers consider when setting your rates:

• Type and amount of coverage: The NFIP offers two types of coverage: building coverage and contents coverage. For residential homes, the maximum building coverage limit is $250,000 and the maximum contents coverage limit is $100,000. Businesses can purchase commercial flood insurance with up to $500,000 in building and $500,000 in contents coverage.
• Flood types and frequency: Under Risk Rating 2.0, NFIP flood insurance premiums are based on the types of floods and frequency of floods in an area. For example, if most flooding is caused by river overflow, you might pay a different rate than a homeowner in an area with a higher risk of coastal erosion or heavy rainfall.
• Proximity to a water source: Homes that are closer to water sources (not just the ocean) typically pay higher rates for flood insurance.
• Geographic location: If your home is in a high-risk flood zone, you may pay more for flood insurance than if you were in a low-risk zone. To learn if areas near you are flood-prone, use the Federal Emergency Management Agency (FEMA) Flood Map Service Center.
• Your home’s value: As with homeowner’s insurance, the more expensive your home will be to repair, the higher the cost of flood insurance could be.
• The elevation of your property: Even if your home is in a high-risk flood zone, if it is significantly elevated, you may see a reduction in premiums.
• Whether your home has a basement: Since basements are below ground level, they may be more likely to flood than other areas. As such, homes with basements might be more costly to insure.

There are a few ways to try to lower your flood insurance costs, per FEMA and NFIP experts. Selecting a higher deductible on your policy, securing proof of elevation for your property, elevating your utilities or filling in your basement are a few tactics you may want to consider.

When to purchase flood insurance

Since floods are impossible to predict far in advance, it is best to purchase flood insurance as soon as possible. Do not wait until flooding is in the forecast to look for a policy, as you may not find coverage if flooding is imminent. NFIP flood insurance policies have a 30-day waiting period before coverage takes effect.

For instance, if you purchase coverage on a Tuesday and a heavy rainstorm floods your home on the following Saturday, you would not be able to use your flood insurance benefits. However, if you buy flood insurance through a private insurer, rather than the NFIP, the waiting period might be different.

How to purchase Virginia flood insurance

Homeowners in Virginia generally have two options to purchase flood insurance. You can go with a government-backed program or explore the private market. Either way, flood insurance policies typically must be paid for upfront and may require payment of the entire annual premium (as opposed to having the option to pay monthly installments).

NFIP coverage

These government-backed policies are available from 26 insurance providers in Virginia and offer up to $250,000 in building coverage and $100,000 in contents coverage for residential homes. Building coverage and contents coverage must be purchased separately, but it’s recommended to purchase both.

With an NFIP policy, flood insurance claims for your home’s contents are reimbursed on an actual cash value basis, which is less than what it might cost to replace them since depreciation is taken into consideration. Your dwelling is covered based on its replacement value, but you can’t get reimbursed for an amount above the policy limit.

NFIP flood insurance policies usually take effect 30 days after purchase, unless required by a loan or triggered by certain FEMA exceptions (such as recent flood map changes), in which case coverage may begin sooner.

Private flood insurance

Private insurers may offer more policy options than the NFIP, but premiums may be more expensive. You might be able to find private flood insurance with a waiting period shorter than 30 days, although this is up to each individual insurer.

Frequently asked questions