Condo Association Insurance – Flood
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 the flood. A flood can occur whether your condominium association is in a flood zone or outside of a flood zone. A flood occurs when water occupies an area that it would not typically occupy for a temporary amount of time. A Florida flood insurance policy will cover you against any damages to your physical property, the building, and its foundation because of a flood. Flood insurance is always a good idea to have, no matter if the area you are located in has ever seen flooding. A grim reminder of how quickly a flood can occur is Hurricane Irene, which affected a multitude of persons and businesses that had no flood insurance.
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Has your agent discussed with you the changes in the flood program and the effects it will have on your Condo Association?
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