HAMPTON ROADS, Va. (WAVY) — With the 2025 hurricane season just a few weeks out, it is critical for coastal areas such as Hampton Roads to get prepared.
A fairly active hurricane season awaits, with a returning threat aimed at the East Coast, yet only 3% of Virginians have flood insurance, all while parts of the Commonwealth have a high flood risk.
In the Southeast region, 5,000 homes have flooded at least twice in the last decade, with 75% of those properties located in Hampton Roads.
People should buy flood insurance ASAP in advance of Hurricane season, said Mary-Carson Stiff, Wetlands Watch executive director. “It takes 30 days for your flood insurance policy to become effective.”
But Virginians can expect a rate increase. So what’s to blame?
“The National Flood Insurance Program is in extreme debt,” Stiff said, “so about $20 billion in debt.”
That debt is linked to climate change and a surge in damage to people’s properties.
“So the more storm events that we experience, and the more people that live in areas of high risk, which are our coastal communities, our highest growing population in the whole country, the more claims are going to be filed,” she said.
The growing demand in payouts forced Congress to reform the flood insurance program, increasing policies and premiums.
“You aren’t supposed to pay more than 18% of an increase each year for your primary residence, or 25% each year for a secondary home or a business property,” she said. “So Congress made these congressional caps to help kind of increase cost, but try not to create so much stress on the average policyholder.”
As for the Federal Emergency Management Agency, it remodeled how they rate their flood insurance policies, also affecting premiums.
“If it’s a primary residence, or 25% if it’s an investment property or second home, that annual capped increase is congressionally mandated,” she said. “So what we’re seeing is small gradual increases over time.”
Flood insurance rates are now determined from specific characteristics of an individual property or a group of properties, like square footage and distance.
“Flood insurance is not covered by your homeowner’s insurance,” she said, “so you really need to get a separate policy. And if you’re not sure if you have flood insurance, call your homeowner’s insurance company and ask them.”
According to Stiff, the National Flood Insurance Program cannot deny anyone coverage, while FEMA can, depending upon the circumstance. For those considering private insurance, make sure a company is insured and you’re protected against larger scale disaster events.
