Flood Insurance for Condo Associations
Flood is a temporary condition of excess water on land that is usually dry. Flood insurance helps to protect Condo Associations from a direct physical loss caused by flood.
One of the major misconceptions related to flood coverage is that if you are not in a flood zone, you cannot have a flood. Everyone has the potential to have a flood. It's just that some risks are greater than others. There were a lot of people who lost property due to flooding during Hurricane Sandy that were not in flood zones and had no flood insurance.
FEMA is the government agency that is responsible for the National Flood Insurance Program. They are responsible for the forms of coverage that are available for your Condo Association. You can insure your buildings and personal property along with multiple deductible options. One of the main differences between flood insurance and property insurance is that flood insurance also covers the building and its foundation.
Has your insurance agent offered you multiple flood quotes with multiple deductible options?
Flood insurance is going through a significant change in 2015. Premiums are increasing and Federal fees are increasing. If your Condo Association is not prepared for the changes coming, you may be left having to do a special assessment to cover the costs.
Has your agent discussed with you the changes in the flood program and the effects it will have on your Condo Association?
View all types of Condo Association Insurance.