VA flood insurance costs & risk rise dramatically; FEMA Risk Rating 2.0 blamed

VIRGINIA FLOOD RISK AND INSURANCE COSTS RISING

Flood risk is rising in Virginia, causing significant damage like that from Hurricane Helene.
Despite increasing risk, only 3% of Virginia homeowners have flood insurance.
FEMA’s new Risk Rating 2.0 system is dramatically increasing flood insurance costs.
The new system uses property details like value and location to set rates, not just elevation zones.
Critics argue the higher costs are unaffordable and don’t reward flood mitigation efforts.
The average flood insurance cost in Virginia is projected to rise by 45%.
Over 28% of Virginia homes face flood risk in the next 30 years, with coastal areas especially vulnerable.

Source:

Virginia Flood Insurance Cost ‘Dramatically’ Rising, as is Flood Risk