Do Condo owners need flood insurance?

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Mon Oct 07, 2013 8:37 am   Post subject: Do Condo owners need flood insurance?  

My lender is asking for flood insurance as I booked the ground floor of a multi-story condo building. Would he insist had I booked a floor in the upper-story? I’m clueless about this so asking from those people who have good hold on this topic. Thanks in advance!


_________________
Register Now to have your Insurance queries solved.
AlanJ
Guest







PostPosted: Mon Oct 07, 2013 12:24 pm   Post subject:   

If your residence is in a designated flood zone, the answer is: possibly. How high could flood waters reach? 10 feet, 20 feet, 30 feet, 50 feet? Obviously, on the first level, dwellings are most easily subject to flooding.



However, you have no real interest in the dwelling from an exterior perspective -- only from the inside walls in. Your portion of a flood insurance policy would only protect the inside walls and the rest of the stuff inside your unit. The Condo Owners' Association is also required to obtain flood insurance on the structure itself, since that's the part in which they have an ownership interest.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.61 Dollars($)

PostPosted: Tue Oct 29, 2013 5:31 am   Post subject: Flood insurance for condo owners  

Quote:
Do condo owners need flood insurance?


If the place of the property is located in a flood affected zone, then yes, you have to purchase flood and wind coverage regardless of how many floors up you are settling.


_________________

Owning a home is a keystone of wealth - both financial affluence and emotional security. ~ Suze Orman
MangoQurious
Senior member
Leave a quick message

MangoQurious

Joined: 12 Mar 2013
Posts: 270

Location: Sacramento, CA
61.23 Dollars($)

PostPosted: Tue Oct 29, 2013 3:08 pm   Post subject:   

Quote:
flood and wind coverage
Qurious indeed.


_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.61 Dollars($)

PostPosted: Wed Oct 30, 2013 4:11 am   Post subject:   

Quote:
Qurious indeed.


Stop peeing everywhere..
MangoQurious
Senior member
Leave a quick message

MangoQurious

Joined: 12 Mar 2013
Posts: 270

Location: Sacramento, CA
61.23 Dollars($)

PostPosted: Wed Oct 30, 2013 5:18 am   Post subject:   

When you admit that you know very little about insurance, are not a licensed agent, and stop posting wrong information, you can be assured that I will have no more need to comment following your posts.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.61 Dollars($)

PostPosted: Thu Jan 09, 2014 9:05 pm   Post subject:   

Whether or not you need to have flood insurance honestly has nothing to do with whether your home is a condo or not. The real question is whether or not your condo is in a zone that is considered to be high risk for flooding. Many people are often surprised to find that their home is actually in a flood zone when they believe they are more than far enough away from any water source to be flooded. Many finance companies also require that all types of insurance be placed on a home if it is at any kind of risk of encountering that type of problem. If you need to have flood insurance for the financing, the chances are good that you might actually be grateful you have it at some point.

PaulBlanco
New member
Leave a quick message



Joined: 09 Jan 2014
Posts: 5


1.69 Dollars($)

Quick Reply
Your Name
Subject
Message body
All times are GMT
Page 1 of 1


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

    Connection Error: Connection refused