Condominium Associations
OPPORTUNITIES & OPTIONS FOR CONDOMINIUM ASSOCIATIONS
Reduce Insurance Expenses, Increase Property Value, Pass Along the Savings
Flood risk management is a viable solution for condominium associations when:
- Mortgage companies require condominium unit owners to provide proof of the association's flood coverage or
- to purchase individual flood insurance policies
- Association fees include flood insurance for common structures
- Condominium buildings have been free of flood damage since construction
Flood risk management enables condominium associations to save money every year, reduce operating expenses, lower unit owner fees and eliminate the need to provide unit owners with certificates of flood insurance.
Condominium association clients can expect to save approximately $8,000 every year.
You have a right to know if you're paying too much, too little, or should note be paying at all for flood coverage. Flood Insurance Solutions will verify the accuracy of the requirement, which includes an elevation certificate review; determine if the property can be reclassified; and identify the potential to reduce or eliminate the flood insurance premium.
There's no downside
to being proactive about flood risk
Our free flood risk evaluation studies characteristics unique to the property, not just the property's location on a Flood Insurance Rate Map (FIRM).
Following the evaluation, if we find that the property's high-risk flood zone is wrong, with your approval, we'll begin the complex process of petitioning FEMA for reclassification of the property into a low-moderate risk flood zone, where flood insurance is not required.
Our one-time fee* is equal to the amount of the annual flood
insurance premium. It is contingent upon our successful removal of the property from the high-risk flood zone (Special Flood Hazard Area). If we find that the property is correctly designated in a
high-risk flood zone, no fees are due and you have expert validation of the flood insurance requirement.
Ready to eliminate your condominium association's unwarranted flood insurance expenses? Obtain a free flood risk evaluation.
* Does not include fee for elevation certificates, if required.