Flood insurance: Many condominium associations carry a master insurance policy of flood insurance. For communities, Homeowners Asssociations, and Condo Associations located in federally designated flood hazard areas, condo mortgages will not be written unless adequate flood insurance is in place. The condominium statute states that a condo association or HOA "may" carry flood insurance. I believe that flood insurance is legally required under the auspices of "adequate condo association insurance" in many situations, and is a good idea in every case. In any event, the declaration of condominium should contain clear guidance on this point.