Several owners have been asked by their mortgage companies to provide flood insurance. The master policy of our building ONLY includes sewer backup insurance but does not cover real flood.
I need to point out that Flood Insurance is the responsibility of the Association since obtaining flood insurance for the entire building will cost thousands and will necessitate a huge increase of the assessments. In addition many home owners DO NOT have a mortgage and are not obligated to obtain flood insurance. Raising the assessments for all is simply not fair.
Thus, the insurance has to remain the individual home owners' responsibility.
All owners that need flood insurance may contact State Farm agent Miguel Dabul:
Phone: 773-728-8101
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