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Are you ready for more extreme weather in Minnesota?

 

The concept of extreme weather once sounded like something from a science fiction story. Today, these risks seem all too real as heat waves and blizzards, tornados and rainstorms all seem to come in more extreme variations. For property owners, you want to be certain you have insured against the relevant risks, but that begs the question of what are the relevant risks?

You look to the insurance industry or government for information, but you never know if the insurance company is merely trying to sell you the additional coverage you don't really need. And how do you measure a new risk?

 

A new study that looks at how well each of the fifty states has prepared for a group of extreme weather events could provide some guidance as to the kind of assistance you may receive from the government should such an event occur.

The study, "States at Risk: America’s Preparedness Report Card," provides grades for a state based on multiple factors related to extreme heat, drought, wildfires, inland flooding, coastal flooding and other extreme weather events.

For instance, Minnesota receives a "grade" of B- and is assumed to be at risk for extreme heat and drought. The state is working to both prepare for these risks and mitigate the damage from the event once it occurs.

This is better than some states that have done little to prepare, like South Dakota, which received an overall grade of D- and the lowest grade possible of F for inland flooding, due to its failure to address future risks.

Of course, threats in the report are not the only extreme weather risks you may face in Minnesota as recent torrential rainfall events have demonstrated, inundating some areas with nearly a year's rainfall in a few hours. Subjected to these types of flood-like events, you could find your claims for property damage denied because you lack the correct policy type or coverage.

And as insurance claims increase, insurance companies may become more likely to reject claims as outside the policy coverage.

Source: insurancejournal.com, "States Graded ‘A’ to ‘F’ for Extreme Weather Preparedness," November 20, 2015

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