Alternatives to the Virginia FAIR Plan

We can help you find alternatives to the FAIR Plan in Virginia. 


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Alternatives to the Virginia FAIR Plan

Although many people don’t think of Virginia as a state that gets hit with severe weather, its location in the center of the Eastern seaboard makes it particularly susceptible to a wide range of potentially catastrophic events.

In 2018, Norfolk and Virginia Beach were identified as two of the top cities vulnerable to hurricane strikes by Weather.com. The area is threatened by a sinking coastline and rising sea levels. The
Chesapeake Bay is second only to New Orleans in risk from increasing sea levels.

Residents that live below the 100-year flood level in the coastal area are particularly prone to flooding from storm surge. It would cost approximately $90.9 billion to reconstruct the homes in eastern Virginia that are in these low-lying areas.

But it’s not just the ocean that poses a threat to Virginia’s coastline. Heavy rains can produce flooding that damages homes, as evidenced by the storms in September 2016. Hurricanes can turn toward the land, bringing powerful winds and stormy weather inland. In 2011, Hurricane Irene pounded Virginia with more than 10 inches of rain in a matter of days.

Tornadoes are also a potential hazard to Virginia residents. They can strike anywhere in the country in any season. In 1982, Virginia saw only one tornado. However, in 2004, 84 tornadoes struck the region.

People who live at higher elevations may be at a higher risk of having their homes damaged by tornadoes. Roof, window and tree damage commonly contribute to tornado reconstruction costs.

The Virginia landscape is extremely varied, with the ocean to the east and mountains to the west. Areas such as Burkes Garden might see up to almost 53 inches of snowfall per year. The Piedmont area can get covered with up to 16 inches of snow every year, whereas coastal Virginia only receives up to 8 inches.

If homeowners in these areas are unprepared, they may end up dealing with leaks, frozen pipes and falls from treacherous ice.
Even when residents safeguard their homes against inclement weather, they may be prone to burglaries and other property crimes. Based on FBI data, researchers deemed Portsmouth, Danville and Emporia as three of the most dangerous cities in Virginia in 2019.

It may be difficult for people in flood zones, low-lying coastal areas, mountainous regions and dangerous cities Virginia to purchase affordable homeowner’s insurance. FAIR Plans have made it possible for these individuals to get coverage. Residents are encouraged to seek quotes in the private market for alternatives to the FAIR Plan.


 

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Unable to Obtain Coverage?

Many consumers opt to allow their mortgage companies to add “force placed” or “lender placed” coverage to their homes. The unfortunate issue is that many times the mortgage companies do not make it clear that typically these policies do not cover your personal property, loss of use or even your liability. They are typically insurance policies that the consumer pays for, that mostly benefits a bank and not them. It is without a doubt that mortgage forced policies are the lease safe option in the market.

Since Nevada FAIR Plans are considered the market of last resort, consumers will be best served when they find an agent with the experience in high risk insurance as well right resources and carriers. Ultimately the end goal is to obtain the right coverage at a competitive price and with the right agent that can be accomplished in almost any situation.
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**The contents of this website are provided for informational purposes only and do not constitute legal or coverage advice or an offer or solicitation for the sale or purchase of insurance. If you submit a request for a quote you will be contacted by a licensed agent who can discuss coverage options with you. Consumers are urged to try to find coverage in the private market and we can help you find an agent that can help you find alternatives to the FAIR Plan and other high risk plans. This website is no way affiliated with or sponsored or endorsed by any federal, state or local governmental agency or state fair plan. Insurance coverage not available in all states. **
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