Flood insurance protects your home or property against flooding by rising waters, rain events, and other flood events.
Flood Insurance Types
RCBAP
Residential Condominium Association Coverage on Building and Contents A condominium association is the corporate entity responsible for the management and operation of a condominium. Membership is made up of the condominium unit owners. A condominium association may purchase insurance coverage on a residential building and its contents under the RCBAP. The RCBAP covers only a residential condominium building in a Regular Program community. If the named insured is listed as other than a condominium association, the agent/producer must provide legal documentation to confirm that the insured is a condominium association.
Residential Condominium Unit Owner’s Coverage
A residential condominium unit in a high-rise or low-rise building, including a townhouse are considered to be a single-family residence. An individual dwelling unit in a condominium building maybe insured in any of the following way. An individual unit and its contents may be separately insured under the Dwelling Form, in the name of the unit owner, at the limits of insurance for a single-family dwelling. An individual unit may be separately insured under the Dwelling Form.
Non-Residential Condominium Building
Non-residential condominium buildings and their commonly owned contents may be insured in the name of the association under the General Property Form. Non-Residential Condominium: Unit Owner’s Coverage (Contents) the owner of a non-residential or residential condominium unit within a non-residential condominium building may purchase only contents coverage for that unit. Building coverage may not be purchased in the name of the unit owner. In the event of a loss, up to 10% of the stated amount of contents coverage can be applied to losses to condominium interior walls, floors, and ceilings.
Rate Determination
Building Your flood insurance rates are based upon your flood zone which you can determine by a flood zone determination or a flood elevation certificate.
Flood Elevation Certificates
Elevation certificates show the difference in your homes elevation and the 100 year flood event elevation,the greater the difference the better the rate. These are not required but may help in flood zone X, B or C.
