Insure Your Property

All homes have some flood risk yet only 3% of Virginians have flood insurance.

According to the National Flood Insurance Program (NFIP), one inch of flooding can cause upwards of $25,000 in damages to a home. That’s a cost few people can afford.

Standard homeowners' insurance policies do not cover losses due to flooding. The City of Lynchburg participates in the National Flood Insurance Program (NFIP), which makes it possible for Lynchburg property owners to obtain federally backed flood insurance. This insurance is available to any owner and renter of insurable property (building and/or contents) in Lynchburg. The average annual premium for this insurance on a residential home is about $2,000. The actual cost will vary depending on the amount of coverage and the degree of flood hazard. Preferred Risk Policies are also available for properties outside high risk areas, known as the Special Flood Hazard Area (SFHA).  If you purchase a home in the floodplain with a federally backed mortgage, it is required that you have flood insurance. There is normally a 30 day waiting period before flood insurance goes into effect, so the time to apply is now.

Flood insurance policyholders in the Special Flood Hazard Area (SFHA) are encouraged to include Increased Cost of Compliance Coverage (ICC) in their flood insurance policy, especially for Pre-FIRM (built before 1978) buildings. ICC can provide up to $30,000 to help pay the costs of bringing a home or business into compliance with the City of Lynchburg's floodplain ordinance. You may be eligible to file a claim for your ICC coverage when your building is "substantially damaged," when the cost to repair or improve the structure equals or exceeds 50 percent of the market value of that structure, or when your building is considered a "repetitive loss." A structure is considered to be a repetitive loss when it has been damaged by a flood two times in the past 10 years, and the cost of repairing the flood damage is equal to or exceeds 25 percent of its market value.

Your current insurance agent may be able to help you get flood insurance. Most companies can write an NFIP flood insurance policy for you. If you need more help, can provide names of local agents that provide NFIP flood insurance. You may also call the toll free number 1-888-379-9531 to ask for a flood insurance agent referral.Contact an insurance agent or visit to discuss options.

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