The standard condo insurance policy (commonly known as an HO-6 policy) will typically not cover flood damage that results from external sources such as storm surges, heavy rain or overflowing rivers. However, it often does cover water damage caused by internal sources such as a burst pipe. If you want insurance for personal property and structural repairs, you will require a separate flood insurance policy, generally FEMA or NFIP. Your insurance agent should be able to help you determine your risk for your specific flood zone. The risk is generally higher in coastal areas.
What Is and Is Not Covered
It is important to note that condo insurance only covers flood damage situated entirely within the unit. Any sudden, accidental water damage to property in your unit caused by something like a broken pipe or the neighbor’s overflow may be covered. Anything caused by groundwater from sewer back-ups, hurricanes or storms is not covered. For this you will need flood insurance. Your typical HOA master policy will cover the building’s exterior and common areas such as hallways and lobbies from floods. However, it will not cover inner unit upgrades or personal belongings. Separate flood insurance is required for personal property, walls and flooring. Insurance against sewer back up will often require an extra, separate endorsement.
Americas Insurance Associates Serving Florida
If you live in Florida and are in the market for condo insurance, please contact us at Americas Insurance Associates. We will put you in contact with a courteous and knowledgeable agent dedicated to helping you find just the right policy that is best suited for you and your unique needs.
