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Swim at your Own Risk – Do You Have Flood Insurance?

Are you insured against a flood? You may be surprised to learn you aren’t. If you live in a condominium community, most condo associations in the St. Louis Metropolitan area do not provide flood insurance in the Master Policy. A Master Policy is insurance commonly carried by a condominium association and paid for by condo fees. A Master Policy covers property in a development, with the condo owner insuring the contents of their unit, such as furniture and personal possessions.

Homeowners living in detached homes should consider their flood exposure too. While most communities in our area are not in a Special Flood Hazard Area (SFHA) or a high-risk area, it would be a mistake to dismiss the possibility of flood. Many conditions can result in a flood even where there hasn’t been one before, conditions such as clogged or outdated drainage systems or unexpected overflow from new buildings and development nearby.

Given this, anywhere it rains, it can flood. In fact, the Federal Emergency Management Agency (FEMA) reports that last year that more than 25% of paid flood claims involved properties that were not in an SFHA.

There is a lot to learn about the risk of Flood and Flood insurance. A great place to start is and, of course, your insurance agent.