Do I Need Flood Insurance for My Condo?

As the owner of a condo, do you need flood insurance? You do if you have a mortgage backed by the federal government or if you live in a FEMA flood zone. The insurance experts at Carminucci Agency, which serves Croton Falls, NY, remind you that not having it is risky. Remember that flood insurance is separate from your condo association’s master insurance policy.

Flood Sources in the Area

This geographic area is surrounded by the Croton River and plenty of other water sources. That means flooding could come in the form of rain runoff, melting snow, storm surges, or flowing mud. Though your condo association may have a master insurance policy, it may not have a flood insurance policy.

And even if it does, it probably just covers the exterior of the building and the spaces that everyone uses, like the lobby, staircases, pool, and other amenities.

Protection for Contents in a Flood

It is less likely to cover your condo other than its structure and appliances. So, you will probably need to purchase a flood insurance policy to cover the personal items in your unit.

Some Financial Relief 

However, our insurance agency points out that even if you live on the 10th floor, you could be hit with an enormous repair bill if flooding occurs. With no condo association flood insurance, damage to the first floor, for example, could mean that you and all the other condo owners could be responsible for repair costs.

If you live near Croton Falls, NY, contact Carminucci Agency to discuss flood insurance for your condo. Such a purchase could save some money.