When it comes to protecting your property from flooding, the type of insurance you need depends on whether you own a condominium or a single-family home. While both require flood coverage, the policies are structured differently. Understanding these differences can help you avoid gaps in protection and unnecessary costs.
What Is Condo Flood Insurance?
Condo flood insurance typically comes in two parts. First, your condo association may carry a master flood policy through the National Flood Insurance Program (NFIP) or a private insurer. This policy covers common areas, shared walls, and the building’s foundation. However, it usually does not cover your personal unit’s interior. To protect your belongings and unit improvements, you may need a separate individual condo flood insurance policy, often referred to as “walls-in” coverage.
What Is Traditional Flood Insurance?
Traditional flood insurance applies to single-family homes, duplexes, or other stand-alone residences. Unlike condo policies, homeowners are responsible for the entire structure and its contents. Coverage limits under NFIP are set at $250,000 for the building and $100,000 for contents, though private insurers may offer higher limits. Deductibles, replacement cost, and elevation all influence premiums.
Key Differences to Consider
The biggest distinction between condo and traditional flood insurance lies in responsibility. Condo owners must confirm what their association policy covers and then secure supplemental coverage for anything excluded. Homeowners, on the other hand, carry full responsibility for both structure and contents. Another difference is pricing—condo policies are often less expensive since risk is shared, whereas homeowners bear the cost alone.
Protecting Your Property
At The Flood Insurance Guru, we help condo owners and homeowners understand the details of their policies, compare NFIP and private options, and ensure complete protection against flood risk. Whether you own a unit in a high-rise or a family home, having the right coverage means peace of mind when the unexpected happens.
