Flood Insurance Costs Causing a Perfect Storm!

T.T. from New London County, Connecticut writes:

Dear Mister Condo,

My wife and I live in a lovely condo close to Long Island Sound. We don’t have water views but we do enjoy going to the nearby beach. This past year, our common fees were increased $75 per month to pay for a new type of flood insurance our association says it must purchase. We don’t want to pay an extra $75 per month for extra flood insurance. Is there anything we can do to avoid paying this extra charge?

Mister Condo replies:

T.T., No one likes paying more for insurance. It sounds like your condo is suffering a similar fate to many shoreline condominiums in our state. FEMA was tasked with reclassifying flood zones after Hurricane Katrina did so much damage in the South a few years back. Many shoreline condos are now in Special Flood Hazard Areas (SFHA) which means they have to secure additional or increased flood insurance. Of course, that means increased premiums and higher common fees for those communities affected. Unfortunately, there is no way to avoid paying your share of the condo flood insurance. On the bright side, should you even need to put in a claim for flood insurance damage, you can have peace of mind that your condo will be covered. Enjoy the beach!