Toll Free 855-CAL-FLOOD (225-3566)

Condo Owners Flood | Renters Flood

Condo Owner/Renter

If you rent or own your condominium unit, it is a good idea to purchase both building (if you own the unit) and contents coverage. If you are a tenant, contents only coverage is available. The policy premium is based on several factors including the flood risk of the building that you occupy.

Moderate-to-Low Risk
Most condo owners or renters in moderate-to-low risk areas are eligible for coverage at a preferred rate for condominiums in moderate-to-low risk areas. Preferred Risk Policy premiums are the lowest premiums available through the National Flood Insurance Program (NFIP), offering building and contents coverage for one low price. In fact, residential premiums start as low as $49 per year for Contents Only coverage.

If you don’t qualify for a Preferred Risk Policy, a standard rated policy is still available. Even though flood insurance isn’t federally required, anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding. When it’s available, disaster assistance is typically a loan you must repay with interest.

High-Risk
If you live in a high-risk area, a standard rated policy is the only option for you. It offers separate building and contents coverage.

Flood insurance premiums are calculated based on factors such as:

Year of building construction
Building occupancy
Number of floors
The location of its contents
Its flood risk (i.e. its flood zone)
The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
The deductible you choose and the amount of coverage

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