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My mortgage company recently sent a letter stating that we need to provide proof of flood insurance. Fema has now declared my address is in a flood plain. Wouldn’t the building need to be insured not just my individual unit. The management company for my condo is saying it would be better to get individual insurance. I don’t think so! I live on the second floor. I’m not going to flood. And my own personal flood insurance is not going to cover the basement or the lobby area. So what happens then? Can I sue the management company if we flood and there’s damage to the basement, since they were hell bent on us getting individual insurance?

8 Thoughts on Do I need flood insurance for my condo unit or the building as a whole?
  1. Reply
    July 28, 2011 at 2:08 am

    heres a site tht’ll help:


  2. Reply
    July 28, 2011 at 2:59 am

    I can see where an individual policy makes sense for a condo. After all, you own the property, or really part of the building. Now, not everyone in the building has your mortgage company, so not everyone is going to be required to get a policy.

    But I also see where is doesn’t make a lot of sense because you are on an upper floor. Try talking with your mortgage company to see what their specifications are. Perhaps they are only going by a listing of address and don’t realize that your condo is higher up.

  3. Reply
    James W
    July 28, 2011 at 2:59 am

    You own your condo, the management company provides the service of maintaining the grounds and your building…BUT you own your condo. This means you need to get flood insurance for your condo.

  4. Reply
    July 28, 2011 at 3:55 am

    The condo management company provides flood insurance. Call them up to get a copy of the policy. You just need homeowners insurance.

  5. Reply
    July 28, 2011 at 4:03 am

    I think just for your condo is fine. When people living in apartments and get renters insurance, it is for their apartment only even though others live in the same building. If there is a flood, fire, damages to the whole building, their apartment is covered whether the other renters had renters insurance or not. Should be about the same if you own your own condo I would think.

  6. Reply
    Abby C
    July 28, 2011 at 4:35 am

    yes you should go to it helped me out

  7. Reply
    Wendy S
    July 28, 2011 at 4:51 am

    If you are on the second floor you should not be required to carry Flood insurance at all. Those are form letters that go out to everyone who lives is a Special Flood Hazard Area, and the program cannot tell who is in a condo (let alone what floor they are on) versus who is in a single family home.

    My advice is to call the mortgage company’s flood department and explain that you are in a condo and on the second floor. Most mortgage companies are not going to require that you carry coverage, and if they say they do then ask to speak to a supervisor.

    Most often the mortgage company is interested in the Association’s policy, not your individual one. As far as the condo and having coverage for the common areas, that would only be covered under a Residential Condominium Building Association policy. Are you sure your association does not carry one? Ask your management company for the name and phone number of the insurance agent for the association.

    You cannot sue the management company if you suffer flood damage because carrying flood insurance isn’t the management company’s decision; it’s your condo board’s decision. You elect them to make these decisions on your behalf. If the building does not carry coverage you certainly could bring up the topic of Flood insurance at your next meeting. You all will have to pay out of pocket for a flood claim if there is no policy.

    Again, you should not be required to to purchase flood insurance for your individual unit as you do not live on the ground floor.

    Best of luck!

  8. Reply
    July 28, 2011 at 5:26 am

    Well, the problem is, if the building doesn’t carry flood insurance, they’ll assess the unit owners, which is YOU, to pay for it.

    YOUR problem is, if the policy has a $ 100,000 deductible, and the ground floor is destroyed, you’ll have to pay your share of the deductible, as a unit owner. Or if there isn’t ANY coverage for those units, you’ll ALSO be assessed.

    Likely you can sue the management company. You’ll have to hire a lawyer to do that. Heck, you might even win, in which case they’ll declare bankruptcy, and start a new corporation in a new name. In other words, you’re not going to see any MONEY from them, even if you win.

    Bottom line – if your mortgage company is requiring the flood insurance, you’ll have to buy it, or they’ll foreclose on you for it.

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