If it hits Chincoteague, you are talking about a tremendous storm surge into the Bay.
If the storm passes to the east / north of the Chesapeake, and I assume you are referring to the Chesapeake as opposed to Chincoteague Bay, the opposite of a storm surge will occur. Because the storm is rotating counter-clockwise, wind will blow water south and push water OUT of the Chesapeake to a significant extent, particularly in the upper/middle Bay. The Chesapeake could see historically LOW tides if the passing of the storm coincides with low tide. At present, due to the moon phase there is forecast to be a lower than normal low tide at 11:23 am Monday morning in Annapolis.
Extreme low tides are really cool. They reveal bottom features normally invisible, including sunken wrecks and natural features. It's a chance to go exploring if you have terra firma to walk on.
Once the storm passes there would be a bit of an accordion effect as the tide, no longer blocked by the counter wind, rushes back in to fill the void, but this is nothing like a storm surge.