VA flood insurance costs rise dramatically due to FEMA Risk Rating 2.0

VIRGINIA FLOOD INSURANCE AND RISK RISING

Flood insurance costs are dramatically rising in Virginia due to a new FEMA rating system.
Flood risk is also increasing across the state, particularly in coastal areas like Virginia Beach.
Only 3% of Virginia homeowners currently have flood insurance, despite the growing risk.
FEMA’s Risk Rating 2.0 uses property-specific data like structure, value, and location, replacing the old elevation-based system.
Critics argue Risk Rating 2.0 has significantly increased premiums and doesn’t adequately reward mitigation efforts.
A lawsuit challenging the new rates was dismissed despite claims of dramatic price hikes for some policyholders.
Virginia residents could see an average 45% increase in their flood insurance premiums.
Over 28% of homes in Virginia could face some level of flood risk in the next 30 years.
Communities can participate in the Community Rating System to potentially lower policy costs.

Source:

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