3 Tips to Reduce Flood Damage Most homeowners become concerned when winter storms threaten snow and ice damage to their property. What they’re often less concerned about is water damage, which can be just as detrimental to a home as snow and ice buildup. Water, no matter how much or how little, can cause foundation damage, mold growth, musty smells and damage to tools and furniture. A damp area can also attract pests, which can cause severe damage to the structure of your home. High relative humidity (RH) in wet spaces can also lead to rust on tools and other metal objects, and even cause electronics to fail.