What Is Snow Insurance?

These latest record-breaking storms have forced states in New England to completely blow their snow removal budgets for the year. Many are looking for federal aid or are asking their state government to find money somewhere — anywhere! And a salt donation wouldn’t hurt.

But condominiums don’t have the luxury of declaring a state of emergency and calling the White House to help them dig out. It’s for these situations that insurance companies offer snow insurance. Snow insurance is designed to help companies defray the cost of unbudgeted snow removal expenses.

Insurance companies offer different products, most of which are based on the inches of snowfall. For example, you might decide you’re equipped to remove 24 inches of snow per season. Once more than 24 inches fall, the insurance company will help. Alternatively, you may decide that you’re equipped to remove 10 inches of snow per storm. If a particular storm dumps 3 feet of snow on your parking lot and roof, you’re covered for every inch over 10.

Of course, the insurance company benefits during dry winters, but if it’s a winter during which you’re struggling to remove yet another foot of snow, you’ll be glad to have the coverage. And if what climate scientists warn is true, winters like we’re experiencing now will soon be the norm, rather than the exception.

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