Condo owners that don’t have their coverage realize that they’re heavily dependent on their association’s coverage. Hence, this means that any mishaps or problems with the association’s policy instantly fall on you
. In this case, many condo owners discover that there are significant advantages to securing their insurance independently. When you own insurance, policies are in your name and you know exactly what you’re paying for. Unfortunately, if your association ever decides to withdraw their association from flood insurance coverage, the flood damage would fall back on the owner and you’ll be expected to pay for all losses. By purchasing a building coverage, the owner can control their coverage without stressing about it and avoiding any problems in case of unforeseen circumstances. Hence, condo owners should purchase flood insurance themselves.