Condo Insurance-RCBAP

Posted By: dac

Condo Insurance-RCBAP - 08/21/13 03:00 PM

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
Posted By: James M. Moore

Re: Condo Insurance-RCBAP - 08/21/13 03:11 PM

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.
Posted By: RR Joker

Re: Condo Insurance-RCBAP - 08/21/13 03:59 PM

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.
Posted By: rlcarey

Re: Condo Insurance-RCBAP - 08/21/13 04:06 PM

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
Posted By: RR Joker

Re: Condo Insurance-RCBAP - 08/21/13 06:31 PM

I was thinking Dubai or something. But I don't think FEMA claws reach quite that far. smirk