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Old 11-08-2010, 02:12 PM
Location: Princeton, NJ
249 posts, read 796,230 times
Reputation: 107


We own a condo as a second home in Florida. It's on the Intercoastal Waterway (river) and about a mile from the ocean. We're on the top floor (fourth) in the building. Our condo assocation provides the insurance for all the buildings and grounds (including flood insurance). Our HO-6 insurance policy is just to cover the interior of the condo (the upgrades & our belongings).
However, now our mortgage company is telling us that the flood insurance that the community has isn't enough and wants to charge us $1000 so they can protect us or else!!!
Our community representative has never heard of anything like this from any other mortgage company or homeowner having a similar problem - and like I said - we're on the top floor! Florida will have to really be under serious water for our condo to flood!

We're under financial water (pardon the pun) on the condo, so refinancing isn't an option.

Does anyone have any advice?

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Old 11-08-2010, 05:20 PM
Location: Athens
470 posts, read 1,436,266 times
Reputation: 261
Sounds like attorney time.
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Old 11-08-2010, 07:26 PM
8,430 posts, read 21,703,650 times
Reputation: 9962
Nope, not attorney time. Take the total value of the flood policy and then divide it by the number of units. Chances are, it's not enough to pay off the mortgage of your unit.

If the place floods out....the foundation shifts (I know very unlikely) and the buidling is condemned, would your flood coverage pay off what you owe? Probably not. You don't have to accept the forced policy. Go get your own supplemental policy. It sounds like it's your Condo Association is under insured.....they probably haven't increased coverage since the policy was first issued.

Do talk to an attorney - But I suspect it won't change anything.
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