How flood insurance works and why only 0.5% of Minnesota homes are actually protected [Video]

MINNEAPOLIS — Right now, thousands of homeowners across Minnesota are watching the water outside their homes, hoping it stays outside and wondering if they’re protected.  

Roberta Gibbons is an insurance agent with Dyste Williams.

“Unfortunately basic homeowners policies do not cover flooding,” Gibbons says.

For some types of flooding and water damage, homeowners can buy an add-on to their policy that will offer some protection.

“If you have a sewer water backup endorsement on your policy, which a lot of people do these days, you will have coverage if your sump pump happens to fail and water backs up through sewers and drains into your home.”

Gibbons says that extra protection will cost anywhere between $50 and $150 dollars a year, on average.

But if homeowners want protection from major …