Flood Insurance

Here at Potter Insurance Agency Inc., we give you many options to choose from for flood insurance if you live in the state of Virginia. You should be aware that most home-owners insurance policies do not cover floods. This is a separate insurance policy that you can obtain and is optional in the state. However, if you reside in a special flood hazard area with a mortgage from a federal program such as Fannie Mae, flood insurance is required by federal regulations for structures.

State Requirements/Coverage Options

It is necessary to have flood insurance to maintain eligibility for any federal related acquisition assistance or reconstruction. Between 20 and 25% of floods occur outside of the special hazard zone each year in the state. If you are located outside the special hazard zone, you have the option to purchase a PRP (Preferred Risk Policy).

As a homeowner, you can take advantage of one of these coverage options:

• General property policy
• Residential condominium building association policy
• Standard flood insurance policy, dwelling

For standard dwellings, there are only two coverage options available:

• Building property coverage-up to $250,000
• Personal property coverage-up to $100,000

It is strongly recommended for homeowners to have both coverage options. You will also have the opportunity to purchase building property insurance either at replacement cost value or actual cash value. Replacement cost value will replace items damaged at the same cost as if you were to purchase them brand new.

On the other hand, the actual cost value will only pay you for the depreciation value. In other words, you will only get what the items are worth today. There are many options available when selecting coverage for flood insurance.

Get a Quote Today

Visit our office at Potter Insurance Agency Inc. to obtain a quote today for flood insurance in the state of Virginia. We will be more than happy to assist you in selecting the most appropriate policy for your home.