I've read FEMA's NFIP manual and various threads, and just want to make sure I'm on the right track. Customer is building two separate structures - each building will have 4 townhouses all sharing load bearing walls. From what I'm reading... they need 4 separate policies for each structure (and you use the $250,000 for each of those 8 townhomes in each building since it's residential in terms of the max NFIP coverage). Correct?
Last edited by CalifDreamin; 08/13/21 04:58 PM.
In the NFIP Manual definitions - Single Building is defined as "a building that is separated from other buildings by intervening clear space or solid, vertical, load-bearing division walls.
In that same manual, in Section 3: How to Write, it discusses condos - I'm starting from 3-38...and this appears to fit in the Table 23 - Multi-Unit Residential Building which is 2 to 4 units per building (we have 4 townhouses in each building).
NOTE: They don't yet have a flood policy so we are just at the point of determining minimum limits. I don't know if they will have a condo association or anything so I don't know if they'll have an RCBAP - I think their agent has to advise them on the type of policy - I just have to determine the amount of coverage and number of policies we will require in order to close at this point.
The opinions expressed are mine and do not necessarily reflect those of my employer