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#1844436 - 08/21/13 03:00 PM Condo Insurance-RCBAP
dac Offline
100 Club
Joined: Sep 2009
Posts: 234
Do I have sufficient coverage?

Loan amount $454,000
Maximum 250,000
Flood-RCBAP
Replacement Cost $3,250,000 RC / 75 units $43,333

What am I missing?
Condo Ins is confusing

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Flood Compliance
#1844444 - 08/21/13 03:11 PM Re: Condo Insurance-RCBAP dac
James M. Moore Offline
100 Club
James M. Moore
Joined: Jul 2013
Posts: 110
Georgia
If the policy states replacement cost is 3,250,000 and the policy is for 3,250,000, you aren't missing anything. You have the lower of loan amount, insurable value, or maximum limit as required by the regulation.
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James M. Moore, CRCM
My postings are not legal advice and may not be endorsed by my employer.

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#1844474 - 08/21/13 03:59 PM Re: Condo Insurance-RCBAP dac
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
I'd be a little worried...that RC sounds ridiculously low.

Also, for a S&S and customer 'service' standpoint...read the RCBAP..chances are it doesn't cover from sheetrock in...so if your customer was wanting his fixtures, etc, insured, he needs his own additional insurance to go with the RCBAP.
Last edited by RR Joker; 08/21/13 04:00 PM.
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My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#1844479 - 08/21/13 04:06 PM Re: Condo Insurance-RCBAP dac
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
I thought the same thing - a half a million dollar condo that could be built for $43K?? Must be a heck of a location premium smile
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1844568 - 08/21/13 06:31 PM Re: Condo Insurance-RCBAP dac
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
I was thinking Dubai or something. But I don't think FEMA claws reach quite that far. smirk
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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