We have a property with 2 buildings; each building contains 2 residential units - and the property is considered "condominium units". There is no HOA, thus no RCBAP for flood insurance. One individual owns both buildings. Would we treat each building as a 1-4 residential unit, thus requiring the $250,000 dwelling policy for each building? As opposed to insuring each "condo unit" within each building for $250,000 (for a total of $500,000 per building?) (The loan amount and RCV far exceed these amounts, thus we would go with the appropriate NFIP maximum.)

You have mixed and matched a lot of terms in your question. The units are either condos or they are not. Someone might call them a condo, but a condo is a legal form of ownership. If they truly are condos and one individual owns all four units and there is no RCBAP, then you need 4 dwelling policies as each unit would need its own coverage.

Thank you for the clarification. We confirmed the condo ownership via title and appraisal and will proceed accordingly!

Just a follow up: We have 2 buildings with 2 condominiums in each. We should therefore get 2 RCBAP policies, not just one covering both buildings, correct? Just want to make sure that a condominium complex made up of several buildings does require a separate RCBAP policy on each separate building. (And not one for the entire multi-building complex.)

Insuring multiple structures on the same loan. Generally, the flood regulations provide that lenders must require flood insurance coverage on each structure securing the loan. The Guidelines add that for multiple buildings, the lender must ensure that a separate flood insurance policy is provided for each building requiring coverage, since the NFIP will insure only one building per policy. Guidelines Section C.2.a.(2).

Correct: The NFIP requires a separate policy for each building owned by a condominium association. Coverage applies to the single building described in the property location of the Flood Insurance Application and Declarations.

Thank you!