Property Q&A in Greenpoint>Question Details

Pgrabel, Home Owner in Greenwich, CT

I like this building but I have heard they don't have sufficient flood insurance coverage. Is that a big deal?

Asked by Pgrabel, Greenwich, CT Fri Aug 10, 2012

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It is also a big deal if you're a bank - many banks won't make mortgages on properties in buildings without sufficient flood insurance, and many insurance company's won't issue you a co-op owner's policy if the building's insurance isn't adequate. It's kind of like not having health insurance - it's not a big deal until you get sick!
0 votes Thank Flag Link Fri Aug 10, 2012
If a flood occurs it may be...what is your attorney advising....
0 votes Thank Flag Link Fri Aug 10, 2012
Dear Pgrabel:

It can be especially if the building has a flood! It also depends on who told you this as different people may have different opinions as to how much flood insurance is sufficient. You would be better off speaking to your own lawyer or insurance broker to get a good answer to this question.

If I can be of further assistance, please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
0 votes Thank Flag Link Fri Aug 10, 2012
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