Spring is in the air, and that means that it’s a good time to think about the flood coverage you carry for your condominium. Floods result in billions of dollars in property losses to homes and businesses each year, and it’s not just in flood-prone areas. According to statistics from FloodSmart.gov, almost a quarter of all flood claims come from policyholders who live outside of commonly accepted “high risk” areas. You should know that:
- Floods can happen anywhere. Even in high-altitude or low-precipitation areas, there are flooding risks that can lead to costly losses. Make sure you understand the risks and what happens if your condo is damaged by unexpected flooding.
- Living in a high-rise condominium doesn’t mean you can ignore flood insurance. Even if you live in a unit on a higher floor in your building, you could still be responsible for some flood damages to communal areas, as well as any related damage to units caused by secondary issues like sewer backups.
Don’t be surprised by gaps in your flood coverage or your responsibilities under the coverage you do carry. March kicks off flood season around most of the United States, so don’t forget to take the time this month to understand the insurance policies that cover your condominium in the event of a flood, including all policies purchased by the condo association, unit owners, property owners, and others. If you need help or aren’t getting the results you need from a flood claim, don’t hesitate to contact our law office at 888-614-7730.