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Minnesota has a continental climate, giving its residents a wide array of weather conditions to experience. Cold winters, hot summers, as well as windy and rainy days.

It’s because of this that the state’s residents value comprehensive Minnesota homeowners insurance coverage. With so many different types of potential inclement weather, it pays to have a protected home, especially one insured against flooding.

A brief overview on the state’s standard homeowners coverage

According to the Minnesota Department of Commerce, standard homeowners policy forms don’t provide coverage for flooding. However, flood coverage plays a valuable role in the lives of consumers, seeing as many parts of the state are at high flood risk, as the Federal Emergency Management Agency (FEMA) reports. Note also that earthquakes don’t come included in basic insurance forms.

Remain protected: Get to know flood maps better

With so many different types of potential inclement weather, it pays to have a protected home, especially one insured against flooding.

To make certain you have sufficient insurance coverage for flooding, you should take the time to learn more about the flooding potential or risk in your particular location. According to FEMA, there are three risk categories, including the following:

  • Special Flood Hazard Area (SFHA) – This applies to areas with high flooding risks: a 1 in a 4 chance within a 30-year mortgage period. The federal government requires flood insurance for all residential property owners who have homes in these areas.
  • Non-Special Flood Hazard Areas (NSFHA) – As the term already implies, these areas have lower risks of flooding than their SFHA counterparts. And while the law doesn’t obligate homeowners in these locations to have flood coverage, the government still strongly recommends them to.
  • Undetermined Risk Areas – These are the areas where there’s no specific flooding risk, but still have the potential of experiencing it. On the FEMA flood maps, these areas are marked with the letter “D.”

To find out which category your house falls in, you can use the FEMA Flood Maps Service Center. Just enter your specific home address or coordinates (longitude/latitude). When the maps show it on a zone starting with either the letter “A” or “V,” it’s an SFHA. It’s an NSFHA if marked with the letters “B,” “C,” or “X.”

Ensuring you have adequate flood coverage

The amount of flood insurance coverage considered as adequate depends on several factors. One of the most important of these is risk category.

When your home falls under a high risk area, the legal requirement is an amount equivalent to any of the following: your outstanding mortgage loan principle balance, your home’s value, or the maximum available coverage.

For properties categorized either under the NSFHA or the Undetermined Risk Area, you should consult a reliable insurance company for help in determining just home much flood coverage is in order.

The bottom line: Flood insurance is a worthy investment

In a state with quite the considerable flood risk rating, you’ll definitely treasure the help that sufficient flood insurance coverage can and will provide you with. And even though the law legally requires most consumers to have it, you should treat it as a worthy investment, seeing that it protects you from a commonly occurring phenomena.

References:

http://www.dnr.state.mn.us/faq/mnfacts/climate.html

https://mn.gov/commerce/consumers/your-home/protect/insurance-basics/annual-checkup.jsp

https://msc.fema.gov/portal/search?AddressQuery=minnesota