Flood Insurance

Protection Incase of Water Damage on Your Property in Faribault, MN

How to Choose the Best Flood Insurance Coverage

When reviewing the options for flood insurance providers, it’s best to find a company that knows firsthand the type of unexpected weather we get all year in Minnesota. Working with a partner that has the knowledge and background of the area to give you guidance and help you find what makes the most sense for your home or business will give you the peace of mind knowing your property is covered. Depending on the location and types of property, there are different needs and expectations from your coverage.

Here are important things to consider when searching for the best flood insurance coverage for your home, office, commercial or industrial property:

house with green siding and red shed surrounded by flooded water
flooded office building with desks and computers
water flooded on living room floor

The Process of Obtaining Flood Insurance

In Minnesota, home and business owners can buy flood insurance to protect their properties from damages caused by flooding. Usually, this type of insurance is provided through the National Flood Insurance Program (NFIP) and is administered by the Federal Emergency Management Agency (FEMA). Here are some of the main things to consider when looking:

NFIP Eligibility

The vast majority of properties around the country and in Minnesota are covered by the National Flood Insurance Program (NFIP). We will help you figure out if your community allows for coverage, and while NFIP participation is voluntary it is still highly encouraged, especially for those located in designated flood hazard areas. This is a great idea for business owners, homeowners and renters. Even if you’re not located in a high-risk zone, you may still be eligible and wise to add this coverage, especially if your property is located on a ground floor or in an area that is prone to flash flooding.


Flood insurance usually covers damage to the structure of the building and its foundation, as well as the possessions or appliances inside the building, such as furniture, electronics, and personal belongings. However, there may be limits on coverage for certain spaces like unfinished basements, crawlspaces, and any other valued belongings located in these higher-risk areas in your home.


There are many exclusions from coverage to be aware of when deciding where to place your possessions or most valuable items. Some of the significant aspects that are not covered are: personal property in basements, outdoor property, currency and precious metals, financial loss of income or business interruption resulting from flooding, cars and vehicles, walkways and driveways, or landscaping. Make sure you consider all of these variables when choosing coverage, and make sure to let us know about any of these details that can help us best customize your plan.

30-Day Waiting Period

For most flood insurance policies, the waiting period is 30 days before it officially goes into effect. In other words, if you think you may need flood insurance make sure to be proactive, not reactive. In some situations there are exceptions, such as closing on a new mortgage or refinancing. The waiting period may be waived, and coverage can become effective immediately.

Minnesota Flood Insurance FAQs

Do I need flood insurance in Minnesota, even if I'm not in a high-risk flood zone?

Even if your property is not located in a high-risk flood zone, it’s worth having flood insurance because flooding can occur in unexpected places at any time. Around 25% of all related claims come from property owners who were not located in high-risk zones.

How much does flood insurance in Minnesota cost?

This will vary based on the insurance provider as well as factors such as the property’s location, elevation, and flood risk. Rates are set by FEMA in association with the NFIP, and we can help you review the different quotes from insurance providers. Keep in mind that there may be different prices for building and contents coverage, and higher risk areas will have a more premium rate.

What is a Special Flood Hazard Area?

If your property is in a Special Flood Hazard Area (SFHA) and you have a mortgage from a federally regulated or insured lender, flood insurance is often mandatory. This means that if you are trying to purchase a residence located in a place with an established history of heavy flooding, you may be required to have coverage to be approved for a loan.

Do I need flood insurance if I already have homeowners insurance?

The short answer is yes, because most standard homeowners insurance policies do not cover any damage from flooding. Flood insurance is usually a separate policy that needs to be purchased and is essential to have in addition to homeowners insurance to ensure comprehensive coverage for various types of damages. Contact us today at (507) 334-5850 to determine if flood insurance is necessary for your specific situation.

Flood Insurance Carriers

At Truax & Associates, we have your back ensuring that you are covered with the best flood insurance policy for your specific situation. We consider location, budget, property type, coverage needs, and more to provide you with a custom solution tailored to your unique requirements. Our partners include the leading flood insurance carriers for Minnesota home and business owners, allowing you to obtain the exact protection you need against potential flood damage.

Foremost Insurance logo

Flood Insurance Testimonials

{Best insurance agency in the world.
Dennis Benjamin
{They are nice and polite.
Camilo Lopez
{They have always been there. I will probably stay with Truax & Associates for the rest of my life. They do a great job.
Don Robertson
{Cheap quote and speedy returned call.
Richard Grant
{They are always helpful.
Todd Bergmann
{They find you the best deal.
Brian Eggert

Contact Us Today for a Free Flood Insurance Quote!

Truax and Associates Insurance Agency logo

(507) 334-5850
215 Western Ave Northwest
Faribault, MN 55021

Note: From May - September, we are only open on the 1st & 3rd Saturday of every month.