Insurance Federation to homeowners: consider flood insurance, given higher-than-normal risk this spring

The Insurance Federation of Minnesota says homeowners should discuss with their agent whether it might be a good idea to have flood insurance, given this winter’s large snowfall and still more precipitation likely.  Spokesman Mark Kulda says a standard homeowners policy will pay for water damage from ice dams…

…”but if it’s damaged by floodwaters from the snow melt, that is not covered by a homeowner’s insurance policy.  You have to buy a separate flood insurance policy from the federal Flood Insurance Program to have that covered.”

Kulda says  you don’t have to live in a floodplain to buy flood insurance — the only requirement is that your community participates in the National Flood Insurance Program — and 85 percent of Minnesota municipalities do.   And Kulda urges people to act quickly, because flood insurance policies won’t pay claims for any damage that occurs the first 30 days they’re in force.