VIRGINIA FLOOD INSURANCE COSTS RISING SHARPLY
Flood risk and damage are increasing in Virginia, as seen with Hurricane Helene.
Only a small percentage of Virginia homeowners have flood insurance.
FEMA’s new Risk Rating 2.0 system is causing flood insurance costs to rise dramatically.
The new system uses more factors like property structure and value, not just elevation.
Critics say Risk Rating 2.0 fails to lower premiums and doesn’t reward flood protection efforts.
Virginia Attorney General joined a lawsuit challenging the system, but it was dismissed.
Flood insurance rates in Virginia are projected to increase significantly, averaging 45% higher.
Over 28% of Virginia homes face flood risk in the next 30 years, with vulnerability rising, especially in coastal areas.
Communities can participate in the Community Rating System to potentially reduce policy costs through mitigation efforts.
Local flood protection projects face funding challenges.
Community support is vital for those affected by flooding.
Source:
Virginia Flood Insurance Cost ‘Dramatically’ Rising, as is Flood Risk
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