Legal Question in Real Estate Law in New York
I am in the process of purchasing a townhouse. My morgage company informed me that according to the new FEMA flood zone maps the building is in a special flood zone therefor in order to qualify for a morgage I must purchase flood insurence. It was my understanding that where condo's and townhouses are concerned the homeowner is responsible for the care of everything from the walls in and the homeowners association or board is responsible for everything from the walls out.
Therefor wouldn't flood insurence be the responsibility of the homeowners association?
Asked on 10/14/09, 7:53 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Generally, the homeowners association would purchase flood insurance for the common areas. You are responsible for flood insurance for your property.
Mike.
Answered on 10/20/09, 7:47 am
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