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#628973 - 10/25/06 02:59 PM Flood Insurance on Condos
Brexford Offline
Joined: Dec 2005
Posts: 51
Stuart, Florida
When does flood insurance become the responsiblity of the Condo Association? If an association has been formed but the complex is still under construction with no units occupied should the builders policy be sufficient or is insurance required by the association? Is there a cap on the amount of required insurance on a condo other than $250M per unit assumming 80% replacemant cost is greater than $250M?

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Lending Compliance
#628974 - 10/25/06 03:04 PM Re: Flood Insurance on Condos
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,832
Bloomington, IN
The association has no legal responsibility to obtain flood insurance, only a fiduciary one. You may want to read the Mandatory Purchase guidelines beginning on page 40.
The opinions expressed are mine and they are not to be taken as legal advice.

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