Associations and insurance agents often face the following question “are condo associations required to have flood insurance?" Generally, condo associations purchase flood insurance for the association's common elements in select flood hazard areas. The natural flood insurance program details a flood dwelling policy that covers any physical damage to insured property by a flood. This policy covers damages to areas like a property's floor coverings, wall coverings, and ceiling cladding, assuring a replacement. Aside from that, appliances, water heaters, water filters in the home, built-in cabinets, windows, and countertops are also covered under the flood insurance policy. However, several condo owners still assume it is not necessary to acquire building coverage. Nonetheless, there are many reasons it would be wise enough to consider a flood insurance or building coverage policy for the condo association, and flood insurance for condo owners can prove extremely beneficial. So, are condo associations required to have flood insurance? Here’s what you need to know: