Do you need flood insurance for a condo?

It’s only mandatory for condo associations to have flood insurance when the building is in a high-risk flood zone, known as a Special Flood Hazard Area (SFHA), and the board has an active mortgage or line of credit on the building.

Is flood insurance required by law in Florida?

Flood insurance is not required for every home in Florida. Approximately 20% of flood insurance claims come from moderate- to low-risk areas where flood insurance may not be required. With this in mind, we strongly encourage you to carry flood insurance no matter your flood zone.

What is the average cost for flood insurance in Florida?

$562
The average cost of flood insurance in Florida is $562 for policies purchased through the NFIP. Flood insurance rates may vary depending on whether you’re in a high-risk zone, your property’s elevation and your house’s structure.

What is a master policy for a condo?

The Master Condo Policy or Condo Association Insurance is the insurance policy that is held by the homeowners or condominium association. The Master Condo Policy is responsible for covering two main areas of risk — general liability for the association and property damage coverage for common areas.

When does a condominium association need flood insurance?

An association must maintain flood insurance if (1) the property is located in a flood hazard area, as defined and determined by the National Flood Insurance Act and (2) the unit owners, by vote, require it (CGS 47-255(a)).

What do you need to know about condo insurance in Florida?

Section 718.111(11), Florida Statutes, requires every condominium association to maintain insurance coverage for: All portions of the condominium property as originally constructed (including replacements of like kind); and

Who are the owners of a condominium in Florida?

— (a) The operation of the condominium shall be by the association, which must be a Florida corporation for profit or a Florida corporation not for profit. However, any association which was in existence on January 1, 1977, need not be incorporated. The owners of units shall be shareholders or members of the association.

When do condominium associations need to be incorporated in Florida?

(a) The operation of the condominium shall be by the association, which must be a Florida corporation for profit or a Florida corporation not for profit. However, any association which was in existence on January 1, 1977, need not be incorporated.

Do you need flood insurance for a condominium?

Since the National Flood Insurance Program (NFIP) insures most condominiums, federal laws govern most condo association’s flood insurance. Therefore, Florida Statute 718 doesn’t apply, and the association is responsible for ALL building items, including those mentioned above.

What does it mean to have flood insurance in Florida?

Chapter 718 of the Florida Statutes is known as The Condominium Act and is the ruling authority on condos in our State. Its only mention regarding flood insurance is the following: A condominium association may obtain insurance and flood insurance for common elements, association property, and units. What does this mean for you?

Can a condominium association be in a flood zone?

It shouldn’t be difficult to figure out if a Condominium Association is in a flood zone – especially if it’s surrounded by water (i.e., such as the downtown Tampa area). Your statement regarding Insurance Agents submitting competing “packages of insurance” is important.