Now is the time for homeowners to consider flood insurance
Feb. 23, 2023
Even with all the snow we received this winter — and this week — there is some good news in the initial outlook for spring flooding in Minnesota. According to the
Twin Cities National Weather Service's latest forecast: It's looking to be a near normal year for flooding.
However, heavy snow or more rain at the wrong time could change that as the spring moves along. And this week's snow likely increased the flood threat — or at least made us more vulnerable. That's why our Homeland Security and Emergency Management (HSEM) division is asking you to consider applying for flood insurance today.
Flood insurance covers your home and the things inside it if it is damaged by water. With flood insurance, you can recover faster and more fully after an emergency.
Flood insurance isn't included in a traditional home insurance plan. It takes 30 days for a flood insurance policy to go into effect, making now the best time to consider and sign up — so that it's effective when and if spring flooding occurs.
The cost of flood insurance depends on several factors, such as where your property is located. For those outside of high-risk flood zones, there are preferred risk policies that are about $500 per year with the same building and content coverage as high-risk policies. Higher risk areas may cost more. However, the Minnesota Department of Commerce estimates that one inch of water in your home can cause $25,000 of damage.
People who own property in the floodplain are required to have flood insurance if they are financed by federally backed loans or mortgages. However, even if you don't live near a river or a lake, you should consider getting flood insurance. Extreme rain events are becoming more common. Many flooding events in Minnesota are caused by thunderstorms where multiple inches of rain fall in a short period of time, not necessarily only near bodies of water.
Northern Minnesota saw historic levels of flooding last spring that caused millions in damages to the property of home and business owners. Those who had flood insurance used that coverage to avoid shouldering the whole cost of repairs on their own. The national disaster declaration brought in help from the Federal Emergency Management Agency (FEMA) for repairs to public property and infrastructure. However, due to stringent damage thresholds, FEMA determined that the damage incurred to private property owners was not significant enough to make them whole after that emergency.
Remember: Even if a flooding disaster in Minnesota reaches the level of a presidential disaster declaration, there is still no guarantee that it will be approved for individual assistance — that is the assistance for individual property owners.
Often, a presidential disaster declaration only covers public assistance — that is assistance for communities where public property and infrastructure was significantly damaged.
Flood insurance can ensure you have financial help when the waters rise. Even if you decide that you don't want to obtain a flood insurance policy, property owners should consider getting a rider on their home insurance policy that would cover water and sewer backups.
To learn more, visit the websites for the
National Flood Insurance Program,
Minnesota Department of Natural Resources or
Minnesota Department of Commerce.
