CONDO ASSOCIATION FLOOD INSURANCE

Started by TomW • 1 replies • 1708 views

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TomW (Utah)
Posts: 31

Posted:

Can someone please explain the basics on Flood Insurance and what is required to be carried by a condo association? Our complex consists of (2) four story buildings with (40) individually owned units in each building. The buildings are located in a FEMA designated flood plain.
It is my understanding that owners, even those on the upper floors, are required to carry flood insurance to obtain financing. My question is how much coverage is required to be carried by the HOA to cover possible common area losses, and how is a coinsurance penalty applied in case of a claim?

JamesG (Connecticut)
Posts: 83

Posted:

This link is to the information at the National Flood Insurance Program web site and addresses condo issues. I would start with this to get a little educated and then work with your master policy insurance agent.

http://www.fema.gov/plan/prevent/floodins/condo_time.shtm

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