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#1147722 - 03/19/09 02:59 PM Flood Insurance - Condos
Norrie Offline
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Joined: Feb 2008
Posts: 67
The bank's Flood Policy states that condominiums are required to have flood insurance only if they are subject to separate ownership and have legal descriptions. Is that correct?

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#1147887 - 03/19/09 05:19 PM Re: Flood Insurance - Condos Norrie
DeeQ Offline
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Joined: Dec 2002
Posts: 40,763
Turnpike Exit 10
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Get your facts first, then you can distort them as you please. - Mark Twain

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#1147890 - 03/19/09 05:21 PM Re: Flood Insurance - Condos DeeQ
DeeQ Offline
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Joined: Dec 2002
Posts: 40,763
Turnpike Exit 10
Residential Condominium Building Association Policy (RCBAP) Form
The Residential Condominium Building Association Policy Form (PDF 328KB, TXT 76 KB)-- Issued to residential condominium associations on behalf of association and unit owners.

In participating NFIP Regular Program* communities only, provides building coverage and, if desired, coverage of commonly owned contents for residential condominium building with 75% or more of its total floor area in residential use.



*Regular Program- The final phase of a community's participation in the National Flood Insurance Program. In this phase, a Flood Insurance Rate Map is in effect and full limits of coverage are available under the Act.

**Emergency Program-The initial phase of a community's participation in the National Flood Insurance Program. During this phase, only limited amounts of insurance are available under the Act.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

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#1148009 - 03/19/09 07:02 PM Re: Flood Insurance - Condos DeeQ
RR Joker Offline
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Joined: Nov 2002
Posts: 20,654
The Swamp
Your policy specifics seem insufficient. IF it's a commercial condo, then the building will be limited to $500K, but FI is required, although it wouldn't meet the description you laid out above.
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