If you’ve never bought a home in Florida before, you may not know that depending on where your home is located, you may be required to purchase flood insurance. This also applies to condominium associations. However, flood insurance definitely gets more complicated than traditional single-family home flood insurance, as both unit owners and condo associations could be obligated to get a policy. In this article, we’ll go over condominium association flood insurance, flood insurance for individual condo units, and the cost of flood insurance in Florida. Keep reading to start learning!

Do I Need Flood Insurance in Florida? 

While flood insurance is not required for every home in Florida, about 20% of flood insurance claims come from moderate-to-low-risk areas where flood insurance is not technically required. Flood zones are always being updated, so it’s a good idea to check FEMA’s website to see if your property may be located in a flood zone. If the Florida flood zone map has changed recently, you will want to see if your home and/or condo association is fully covered. 

Do You Need Flood Insurance for a Condo? 

The above question is very common for people who are interested in purchasing a condo. A standard condo insurance policy does not cover flood damage. A condo policy typically will focus on personal liability and your personal property protection for what is inside your unit. Flood insurance for condo owners would protect your personal belongings from many cases of external water damage. This would include events like rising water from heavy rains, king tide, or storm surges.

Flood insurance for condo owners is especially important if your condo is located near the coast or built in a floodplain or low-lying areas. However, it is important to note that your condo association is responsible for the maintenance and exterior of the building, as well as any common areas or shared-use facilities. Your condo association would need its own flood policy to protect these areas. Condo associations are only required to have flood insurance if the building is located in a high-risk flood zone known as a Special Flood Hazard Area (SFHA). If your board gets their condo association flood insurance coverage from FEMA, this plan is known as a Residential Condominium Building Association Policy (RCBAP).


When it comes to the cost of flood insurance in Florida, the average cost of flood insurance is $562 per year for policies purchased through the National Flood Insurance Program (NFIP), but you may be able to find a lower rate or better coverage by using a private flood insurance company. Flood insurance rates are determined by a variety of different factors based on the specifics of your home, like building materials, distance to the coast, and your property’s elevation. For condo owners, it’s likely that the higher the floor your condo is on, the less you’ll have to pay for a flood insurance policy. This is because you’re less likely to get flood damage in your unit if you’re located on the 10th floor as opposed to the first floor.

If you’re interested in learning more about condo flood insurance and how it could benefit you, it’s best to speak to an experienced insurance services professional. Dunham Insurance Services is an independent agency offering the best insurance policies throughout Florida and the rest of the country. Get in touch today to learn more about how we can protect your home from flood damage!