by Guest » Mon Oct 07, 2013 08:37 am
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!
Posted: 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.
Posted: Tue Oct 29, 2013 05:31 am Post Subject: Flood insurance for condo owners
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.
Posted: Tue Oct 29, 2013 03:08 pm Post Subject:
flood and wind coverage
Qurious indeed.Posted: Wed Oct 30, 2013 04:11 am Post Subject:
Qurious indeed.
Stop peeing everywhere..
Posted: Wed Oct 30, 2013 05:18 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.
Posted: Thu Jan 09, 2014 09:05 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.
Add your comment