NORFOLK, Va. — If you live in Hampton Roads there's a good chance your home has flooded. Maybe it's flooded multiple times.
5,000 homes have flooded at least twice in the past ten years in Southeastern Virginia, with 75 percent of them in Hampton Roads, according to a newly released analysis from the Natural Resources Defense Council. Data shows one home in Virginia Beach has flooded more than 50 times. Those types of homes are called repetitive loss properties.
Real estate agents know buyers in our area want to avoid those losses.
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"In the Hampton Roads area, most properties here are in a flood zone," said Jessica Lewis, associate broker/team leader at Iron Valley Real Estate.
Lewis explained that flood history and insurance can get overlooked if you're using cash to buy a property.
"With a loan, insurance can be a requirement of the loan, with cash you don't necessarily know. So make sure you have the knowledge to at least ask," said Lewis.
She said you can ask about history and if flood insurance is required — which it typically is if you live in a high risk zone and have a mortgage.
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Those questions often arise when a storm is looming or right after it passes.
"With hurricane season, with the very first hurricane you get you get a big influx of people who want [flood insurance] quoted," explained Erik Fink, insurance agent with Fink & Associates.
Fink notes, however, that flood insurance has a waiting period and is paid up front, which means you need to plan ahead.
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Though Fink said flood insurance for most repetitive loss properties can be passed on to new buyers, he quotes several repetitive loss properties a year — that go through FEMA.
"We still put it in their hands for them to write. It doesn't mean it will be super, super expensive it just means they want to see and have hands on that particular quote," said Fink.
And when something happens, that insurance is meant to help.
"If we ever have a storm that comes through and just drops 24 inches of water in a 24 hour period, we're going to be underwater. Everybody's going to lose a lot. And to not have it would just be devastating," said Fink.
If you're documented to have a repetitive loss property that means you already have insurance and could also be eligible for FEMA grants.
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"[Some of those grants] are to raise your house up," explained Fink.
The repetitive loss numbers only partially showcase homes that flood in the area. The data doesn't factor in homes that have flooded without federal insurance.
FEMA has a flood mapthat can help you know your risk.
