Record Snowfalls Can Create Financial Risks

As comprehensive wealth managers, you know we help you with financial strategies on many types of matters. Here’s an important financial tip that has come as a result of record-breaking snowfalls. For those of you who live in warmer climates, we hope that this information can help someone who is important to you.

I’ve always loved the proverb: “No matter how long the Winter, Spring is sure to follow.” Not only is it a beautiful metaphor for life’s difficult chapters, but we who live in snowy locations experience a literal interpretation of this year-after-year. For those of us who live in colder climates, I know it doesn’t feel like it right now, but spring is just around the corner. As the temperatures slowly begin to creep up, we may face a whole new set of challenges:  ice dams on our roofs. An ice dam is created on a home’s roof when the warm interior air melts snow on the roof that then drains down to and refreezes at the roof edge. Water pools above the dam on the roof, freezing and potentially damaging the roof or causing water leaks.

MPR recently published an article on how insurers are bracing for a plethora of ice dam damage claims this year. As we have not quite hit the “big thaw” yet, there may be time to prevent potential damage to your home due to ice dams. This article by Travelers Insurance is a great resource for helping you identify and remove an ice dam. If you have any questions about what your homeowner’s policy may or may not cover, now would be a great time to give your insurance agent a call.     

As always, please let us know your questions or comments.

Mallory Kretman