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<\/p>\nA massive winter storm is threatening to wreak havoc across the U.S. in the days ahead \u2014 and potentially take a financial toll on households in its path. The National Weather Service said Friday that it expects a “significant, long-duration winter storm” to bring heavy snow, sleet and freezing rain to a broad swath of the U.S., from the southern Rockies to New England, lasting from Friday through Monday.<\/p>\n
Snowfall may exceed a foot in certain areas, while “locally catastrophic ice accumulations” and frigid temperatures may trigger long-term power outages, extensive tree damage and widespread travel disruptions, according to the weather service. The storm may affect more than 170 million Americans, the weather service said early Friday.<\/p>\n
Despite the financial costs of such storms, people can take steps to dampen the economic hit, financial experts said. “A big cost of winter storms is the aftermath of home damage and accidents,” according to Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida. McClanahan is a member of CNBC’s Financial Advisor Council. “People should be preemptive in preparing for this storm. Make sure you cover pipes, bring in plants or cover them, and stock up on supplies so you don’t have to go out.”<\/p>\n
Winter storms can cause all sorts of damage to a home \u2014 from water damage caused by frozen, burst pipes to a roof wrecked by tree limbs that buckle under the weight of ice. Fortunately, those with homeowners insurance can generally recoup costs for damage from wind, snow, severe cold and freezing rain, said Karen Collins, vice president of property and environmental at the American Property and Casualty Insurance Association, a trade group.<\/p>\n
The average insurance loss claimed for water damage and freezing was $15,400 from 2019 to 2023, according to the Insurance Information Institute. The average for wind and hail was about $14,700. Consumers filed more than 20,000 claims for frozen pipes and winter water damage from January 2024 through June 2025, totaling over $628 million in paid losses, according to an analysis by insurer State Farm of its closed and paid homeowners claims. The average claim payment exceeded $30,000, it said.<\/p>\n
Across the country, consumers are stockpiling groceries ahead of the extreme cold snap. While it may make sense to buy certain items as the weather worsens, stockpiling is rarely a good idea, experts said. “Households should plan to have enough food and essential items to get through a few days in case travel is temporarily restricted, but there is little benefit to buying far beyond that,” said Amir Mousavian, professor of supply chain management at the University of New England’s College of Business.<\/p>\n
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Airlines have already canceled thousands of flights as the winter storm looms. Several major airlines, including Delta and United, have already announced change fee waivers for travelers whose itineraries may be affected by the impending winter storm. Taking advantage of those offers could be wise for some travelers, experts said.<\/p>\n
Many households can expect higher heating costs as temperatures dip and more power is needed to keep homes warm. When cold weather hits, especially over a large swath of the country, there’s often increased energy demand for space heating, according to the U.S. Energy Information Administration. That in turn raises demand for both electricity and natural gas.<\/p>\n
Courtney Fieldman, utility program director for the Southwest Energy Efficiency Program, offered these tips for saving energy \u2014 and therefore money \u2014 during the frigid weather on its way:<\/p>\n