CAI-NJ Jan.2020 (w) (2)

Homeowners in an HOA for all intents and purposes, any flood insurance an owner needs to have on the home and contents is the owner’s responsibility. Just like a single-family homeowner outside of

not able to be insured under the RCBAP but are eligible under other NFIP programs. Rates will vary based on the flood “zone” and the “base flood elevation” (BFE). The country is mapped with hazard areas showing the 100-year flood height above sea level. Structures can be below, at or above this elevation. The higher the structure above the BFE, the lower the rate. It is generally well worth the cost of hiring an engineer/surveyor to determine the elevation of the bottom (lowest) flood elevation of the building needing NFIP coverage. They will issue an “Elevation Certificate” showing the building loca- tion, flood zone, BFE and the specif- ic elevation of the insured building. Adjacent buildings will likely have different elevations. An association cannot buy insurance on an individual’s contents. A unit owner needs to do so. Few if any commercial insurers will provide this coverage on an HO6 or separate policy. The unit owners can be provided with a copy of this Elevation Certificate should they wish to procure flood insurance. Homeowner Associations Unless you are a rare case where your documents allow the association to procure residential structure build- ing insurance, the association needs only to be worried about the commu- nity facilities. If any are within a flood hazard area, NFIP insurance should be purchased. As with condominium associations, try to get your commer- cial insurance to include the peril of “flood” on the community facility policy. The HOA however, should be involved with the municipality to make

sure they are apprised of any map- ping and mitigation activities. Both upstream and downstream activities can also affect future flood hazard zone designations.

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tech touch value LEVERAGING TECHNOLOGY TO STREAMLINE COMMUNICATION, OPERATIONS AND REPORTING. CULTIVATING RELATIONSHIPS TO ENSURE HIGHLY SATISFIED ASSOCIATION RESIDENTS AND STAKEHOLDERS. PRESERVING AND ENHANCING VALUE THROUGH BEST-IN-CLASS SERVICES.

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To learn more, visit IntegraMgtCorp.com or call Edward San George, MPA, PCAM at 973.770.1500 .

Corporate Office:

South Jersey Office:

364 North Main Street (Route 9), Suite 5 Manahawkin, NJ 08050 T (609) 660-0208

200 Valley Road, Suite 203 Mt. Arlington, NJ 07856 T (973) 770-1500

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