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Flood Policies for Condominiums

Flood insurance isn't federally required in moderate- to low-risk areas, but it's still a good idea. In fact, people in these areas file more than 20 percent of all National Flood Insurance Program (NFIP) flood insurance claims. Most condo owners and renters in moderate- to low-risk areas can get coverage at a reduced rate. Preferred Risk Policy (PRP) premiums, the lowest premiums available through the NFIP, offer building and contents coverage for one low price. If you don't qualify for a PRP, a standard-rated policy is still available.

If you own a unit in a high-risk area, you are required to purchase flood insurance if you have a mortgage through a federally regulated or insured lender. A standard-rated policy offers separate building and contents coverage.

This form of the Standard Flood Insurance Policy insures residential condominium associations.

Premiums are calculated based on factors such as:

• Year of building construction.
• Building occupancy.
• Number of floors.
• Number of units.
• Location of its contents.
• Flood risk (e.g., its flood zone).
• Location of the lowest floor in relation to the Base Flood Elevation on the flood map.
• Deductible and amount of building and contents coverage.

Learn your flood risk and find agents in your area by completing your One-Step Flood Risk Profile on this page. Or enter your ZIP code to find an agent.