With the recent snow and rain increasing the risk of spring flooding in much of the state, the Minnesota Department of Commerce is encouraging Minnesotans to check their homeowners’ or renters’ to ensure their insurance covers water damage.
“It generally takes 30 days for a policy to go into effect, so the best time to sign up is well before flooding or heavy rains occur,” Julia Dreier, the Deputy Commissioner of Insurance, said.
The National Weather Service reports that Minnesota flood season typically peaks in April, so Dreier says now is the time to make sure you’re covered.
“It’s important to know what types of water damage are and are not covered. And with severe storms and major rainfall events happening more frequently because of climate change, flood insurance may make more sense now, even beyond spring,” Dreier said.
Research shows that more than half of all homeowners do not realize that their policies don’t cover flood damage, something that can be costly.
“An inch of flood water can cause $25,000 damage,” Dreier said. “We know that you are 27 times more likely to experience a flood versus a fire during a 30-year mortgage.”
While spring still seems like it’s weeks away, Dreier says that they want “to make sure that Minnesotans don’t assume” when it comes to the risk of flooding.
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