I just received the following distressing email. Can anyone confirm the contents? Does anyone have any information on the existence of a Flood Policy and if so, who is included ie. all owners automatically? It appears that Parc Fontaine may not have any insurance other than Liability Insurance.

If this is true, what are the options? The standard Assessment (could be many thousands of dollars per unit), going to FEMA and telling them the condo association does not have insurance, pressuring the condo association to increase the monthly fees in lieu of assessing owners so that the pain of repairs is spread out?

Thanks for your help,

Tom

"Today I was contacted by the Condo Assoc Insurance policy holder and they stated that what I thought was homeowner's insurance is liability only insurance for the Rue Parc Fontaine Condo Assoc. Basically this means we have no insurance. Supposedly there is a flood insurance policy, but again, that company has no record of the policy number provided. Since all our paperwork is inaccessible and the underwriters are in Metairie, we are at a standstill. I'm not sure how other homeowners are affected, but I hope for others you were informed of these details and were able to get outside property insurance."