Posted By: Norrie
Flood Insurance - Condos - 03/19/09 02:59 PM
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?
Posted By: Retired DQ
Re: Flood Insurance - Condos - 03/19/09 05:21 PM
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.
Posted By: RR Joker
Re: Flood Insurance - Condos - 03/19/09 07:02 PM
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.