Have you been seeing all of the flooding on tv and wondering if you should get flood insurance?

We asked one of our local insurance experts Jesse Olson to explain flood insurance...

"Minnesota’s snowy winter combined with rain on top of the frozen ground has led to a lot of people ending up with water in their basements this spring. There has also been quite a few news stories about flooding potential in MN as spring progresses. Many people in MN have started to wonder if they are in need of flood insurance, and if they are, how do they get it and what exactly does it protect?

The first thing you need to know is what exactly a “flood” is as definitions matter tremendously in insurance. Flooding is defined by the National Flood Insurance Program as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is your property) from: Overflow of inland waters, unusual and rapid accumulation or runoff of surface waters from any source, and mud flows. To be a flood the water NEEDS to be on top of the ground.

Flood insurance is meant to help people financially protect their belongings to include: their home, furniture, clothing, carpet and other floor finishes, etc. It is not meant to cover 100% of the damage however; there is a cost sharing of the damage amount between the insurance and the property owner.

Do you need flood insurance? Most of the properties in MN are not in special flood plains where flood insurance is required. If you live in one of these areas there is a very good chance you already have flood insurance. If you are like most Minnesotans, you don’t currently have flood insurance. Do you need it? Perhaps is the best answer that can be provided without a conversation about your unique situation. So have that conversation with your insurance agent but don’t wait!

Flood policies generally come with a 30 day waiting period after the premium has been paid. If you are concerned at all about flooding on your property get flood insurance ASAP!


For more information about flood insurance, or any other types of insurance, you can contact Jesse Olson - Insurance with Casualty Assurance of Chaska at #952.448.3800 or email him at Jesse.Olson@AssuredPartners.com.