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Real Estate Q&A: No Flood Insurance for the Condo? It’s Potentially Negligent to Go Uncovered

But this is not the place to cut corners. Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar.

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It’s Potentially Negligent to Go Uncovered By Gary MSinger Share This Post Now! (TNS)—Q: We own a unit in a small condominiumUntil recently, we have had flood insurance although we are not in a flood zoneNow a new owner is pushing for it, and the board is caving inAre they legally required to have flood insurance if most owners do not want to pay the extra expense through our dues? -Shelley A: Flood insurance is one of the most important investments for any homeowner to make in insuring their continued ability to keep the homeDue to the way that the insurance industry is structured, other types of insurance, such as the standard hazard policy that every homeowner should have, specifically exclude what flood insurance coversFlood insurance is often government-subsidized, making it very affordableIt is a mistake for any property owner who lives in or near a flood zone to not have this coverage. The law requires your condo’s leadership to use its best effort to fully insure itself, the condo’s common areas and property for its full insurable valueSome boards will try to evade this relatively small expense by pointing out that the law does not specify what types of insurance must be maintained or that they are not in a flood zoneHowever, recent instances of rising water have shown us that flood insurance indeed is necessaryOther boards content themselves that concerned owners will insure their own units, but that coverage will not help when the common areas are damaged or destroyed Content Square 1. To put it simply, it is potentially negligent for a board not to use its best efforts to fully insure the condo, including getting flood insuranceIf a board purposefully does not do this, perhaps to save money, members are potentially exposing themselves to liability. It is important for every board to try to keep the budget reasonable and save their neighbors from unnecessary expenseBut this is not the place to cut corners. Gary MSinger is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. Content Square 2. ©2017 Sun Sentinel (Fort Lauderdale, Fla.) Distributed by Tribune Content Agency, LLC For the latest real estate news and trends, bookmark Facebook Comments Content Square 3. Audit Advice – True or False: You’re more likely to be audited it you don’t report adjusted gross income. TrueYou're 5x more likely to be audited if you don't report AGI (5.26% compared to .85%, according to the IRS)It's easy to avoid applying appropriate deductibles when you track your business receipts. 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