Do you understand who will lose the most when flooding happens? It is people who own condos or apartments outside incorporated town limits. In general, standalone homeowners can choose to purchase – or not – their own coverage.
If you live in one of these complexes, be aware that your private insurance for your internal areas does not include the effects of flooding. Also, picture your worst-scene scenario, i.e., the total complex gets flooded. That is a very strong risk here on the ocean side of the county. Many of us don’t live in a FEMA floodplain mapped area, but 26 percent of all flooded houses are not in that floodplain. Even if you are in the floodplain, you need insurance because there is no government coverage if you have not purchased insurance. So, imagine there are 70 units in your complex, and it floods. The homeowners’ association would have to assess each unit owner $50,000+ to restore the development. Most would not have that much money, would desert their unit, and there is a possibility no one would restore the community – a loss for all.
Some condominium boards have purchased liability insurance, fidelity, and directors/officers’ insurance are often standard condo coverage choices. Yet, there is a big gap in your bylaws that does not require associations look out for the long-term interests of owners.
For most such communities, such a long-term flood insurance may raise the individual monthly assessment costs by $100+. Yet, that surely beats the devastating costs of losing all you have.
Have a community meeting about such and come to some agreement. With climate change and what we already know about the low elevation of our property, now is the time to actively do something.
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