Most homeowners and renters insurance plans do not cover flood damage. And when just one inch of water can cause $25,000 in damage to your home, this is a problem. Some people in Chesapeake are required to have flood insurance because of where their homes are within the FEMA designated flood map. But just because you’re not required to get flood insurance, doesn’t mean you won’t have to deal with flooding. In fact, over 90% of the flood damage in Chesapeake from Hurricane Matthew occurred outside that mandatory flood insurance area. So we encourage you to at least look into the option of getting flood insurance.
Depending on where you live, flood insurance could cost as little as $500 each year for $350,000 in coverage
A few things to note. Flood insurance takes 30 days to go into effect. So you don’t want to wait for a storm to be in the forecast to look into it. And you’ll be required to pay in a lump sum as opposed to monthly payments so you may need to plan ahead for that as well. Learn more at FloodSmart.gov or contact your insurance agent.
Chesapeake's Improved National Flood Insurance Program Rating
New in 2021, homeowners in Chesapeake who live in the Special Flood Hazard Areas are now eligible for a 15% reduction on their flood insurance premium thanks to a recent increase in the City’s standing in the National Flood Insurance Program’s Community Rating System.
The City of Chesapeake has been a member of the Community Rating System (CRS) of the National Flood Insurance Program since 2014. Following a recent recertification, the City’s CRS rating increased, leading to a higher discount on flood insurance premiums for those who live in the Special Flood Hazard Areas (from 10% to now 15%). Those who live in the Special Flood Hazard Areas are required to get flood insurance by their mortgage company.