Flooding is not just a coastal problem. If you reside in a low-lying area prone to flash flooding, you know that during any torrential downpour--not just in a hurricane season--you're vulnerable.
Insurance companies know it as well, and individuals and business are sometimes required to buy flood insurance and pay higher premiums.
One General Assembly panel is tasked with studying the problem and finding ways to mitigate the sometimes exorbitant costs.
In 2004 Richmond City found out how vulnerable it was to flooding when Tropical Storm Gaston put much of the historic Shockoe Bottom under water. Many residents and business-owners then looked into flood insurance.
Nicole Riley with the National Federation of Independent Business says her members were shocked at the extra expense. She says the National Flood Insurance Program is the only real provider and its monopoly is driving up costs.
Bill Tibbens with Farmers Insurance says most businesses just prefer to take a risk—but the most common methods to mitigate costs are control mechanisms. He says to help manage risks, FEMA does provide grants, which are underutilized. He adds that improved state maintenance, construction, and storm-preparedness guidelines might help—but Virginia does not have enough fortified homes, which are costly but reduce damage.