January 2021
- Two of the ten costliest hurricanes to hit the U.S., based on insured property losses, caused damage in Virginia: Hurricane Michael in 2018 and Hurricane Sandy in 2012. (See chart below.)
- Virginia was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $30 billion in U.S. property losses when it occurred, including flood insurance claims covered by the federal flood insurance program, according to Aon. This makes Sandy the second most costly U.S. hurricane, after hurricane Katrina.
- There were 108,190 flood insurance policies in Virginia in 2018. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program and an increasing number of private insurers.
- The Virginia Property Insurance Association was formed in 1968 to provide dwelling and commercial property coverages to individuals and businesses throughout the state who are unable to obtain coverage through the voluntary insurance market.
- Between 23,321 and 409,249 single-family homes are at risk of damage from storm surge in Virginia, according to CoreLogic. In terms of reconstruction costs, storm surge damage would range from $6.0 billion to $98.7 billion. The ranges reflect the intensity of hurricanes, with the lower range corresponding to a weak hurricane and the highest range reflecting damage from a Category 1 to a rare Category 5 hurricane.
Other Resources
I.I.I. Facts & Stats: Flood Insurance
I.I.I. Facts & Stats: Hurricanes
I.I.I. Issues Updates: Catastrophes
I.I.I. Issues Updates: Hurricane and Windstorm Deductibles
