Legal Question in Real Estate Law in Wisconsin

I have been leasing a resort since January of 2012. The owners have just sent me an e-mail stating that I am now required to carry "Flood Insurance" since their Lender has told them that the resort is in a flood plain. They also stated that my General Liability insurance investigation should have revealed this. Since I am only required to carry the General Liability Insurance.....is this correct? I live in WI


Asked on 1/30/13, 9:21 pm

1 Answer from Attorneys

JAY Nixon nixon law offices

Flood maps are a constantly changing feature of the real estate world, particularly in light of large storm losses recently on the coasts. Unfortunately, these changes even sometimes affect us in the Great Plains of the upper Midwest, even though rising sea levels are never going to matter here. I have no idea what your obligations might be under your lease, nor about your risk tolerance for possible flood damages to your property and therefore cannot advise you whether or not getting flood insurance is a good idea for you. However, it may be the only way that you can protect your own property, since standard homeowners and business insurance policies normally exclude flood damage. The only way to get such coverage is sometimes with federal flood insurance. My answer here does mean that I am representing you, so be sure to consult your own attorney before deciding on what you should do, or contact my office at 262-633-3090, 333 Main St, Racine, WI 53403, during business hours if you desire formal representation. See me on the web at www.jayknixonlaw.com, or view over 15 years of my previous answers at http://www.lawguru.com/answers/atty_profile/view_attorney_profile/jknixonAttorney answers may contain advertising materials.

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Answered on 1/31/13, 6:07 am


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