should flood insurance be included in condo fees in ma?

Asked by Ellie, Arlington, MA Sun Oct 17, 2010

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5
Irena, , Newton, MA
Wed Oct 20, 2010
Condo associations must insure the common elements, but are not responsible for individual units. http://www.fema.gov/plan/prevent/floodins/condo_time.shtm
If the lender finds that the insurance for your unit or building is not adequate you will have to pay for additional insurance.
0 votes
ANDREW OLLICK, Agent, NAPLES, FL
Mon Oct 18, 2010
Flood insurance on the master condo policy- yes. However you'd need your own policy to cover "drywall in" and contents. The condo Ass. owns the outter walls of the building, drywall in, however, is your responsibility.

Andrew and Elena Ollick
Amerivest Realty
239-206-4500
eo@oceanhomesrealty.com
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http://www.andrewollick.com/realestateblog
0 votes
Heidi Zizza, Agent, Framingham, MA
Mon Oct 18, 2010
That would depend on the Master Deed regulations.
Web Reference:  http://www.mdmrealtyinc.com
0 votes
Scott A. Nel…, , 02155
Sun Oct 17, 2010
I have to agree with the previous. You should look at the individual cost versus the cost for the whole. In some areas it may be unavoidable though, especially Arlington. Best to have the proper insurances for the whole community and not have to worry for all.

Hope that helps,
Web Reference:  http://www.MedfordHouse.com
0 votes
Jeffrey Cart…, Agent, Beverly, MA
Sun Oct 17, 2010
Hello Ellie,

Personally, I own a condo where the association has a flood insurance policy that satisfies the lender. It's expensive so smaller associations may not find it cost effective.

Jeff
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