Residential Condominium Building Association Policy: Difference between revisions

Latest revision as of 13:36, 3 December 2024

The Residential Condominium Building Association Policy (RCBAP) is designed to provide flood insurance coverage for residential condominium buildings owned by condominium associations.

It insures the entire building and its contents owned collectively by the association, offering comprehensive protection under the NFIP.

This page describes the NFIP approach to residential condominium buildings.
For information about the legal obligations outlined in the Policy Form, refer to the RCBAP.

Eligibility

Policyholder Eligibility:

The policyholder must be a condominium association.
Legal documentation confirming condominium association status is required if the name does not clearly reflect the entity type.
Homeowners Associations (HOAs) structured as condominium ownership and requiring flood insurance for their members are also eligible.

Building Eligibility:

The building must be a residential condominium or a mixed-use building where non-residential areas make up less than 25% of the total floor area.
Residential condominium buildings used as hotels, motels, or short- or long-term rentals are eligible.
Timeshare properties in condominium ownership qualify.
Townhouses or rowhouses owned by a condominium association are eligible for full-building coverage under the RCBAP.

Coverage

Coverage applies to:

Buildings and individually owned units.
Improvements within units, including fixtures, machinery, and equipment.
Contents owned collectively by the condominium association.

A separate policy is required for each building owned by the condominium association.

Program Eligibility

Only buildings within communities participating in the Regular Program are eligible for the RCBAP.
In Emergency Program communities, alternative forms like the Dwelling or General Property Form must be used depending on the number of units.

Key Points for Agents

Documentation Requirements:

Include copies of association bylaws or other legal proof of condominium ownership.
Ensure policy applications detail the insured building location and specific property descriptions.

Exclusions:

Buildings in cooperative ownership are not eligible.
HOAs that do not qualify as condominium ownership entities are ineligible.

The RCBAP ensures that condominium associations can secure adequate flood insurance for their residential properties, offering a tailored solution under the NFIP framework.

This page contains information about the NFIP. Find more NFIP Resources.

@@ Line 1: / Line 1: @@
-{{draft}}{{eq-proc-agent}}{{line-nfip-newbiz}}{{info-nfip-sfip}}
+{{info-nfip-sfip}}
-This page describes the NFIP approach to residential condominium buildings. <br />
+The Residential Condominium Building Association Policy (RCBAP) is designed to provide flood insurance coverage for '''residential condominium buildings''' owned by condominium associations.
-For information about the legal obligations outlined in the [[SFIP/Forms|Policy Form]], refer to the [[SFIP/Forms/RCBAP|RCBAP]] page.
-==== Definition and Purpose ====
+It insures the '''entire building''' and its contents owned collectively by the association, offering comprehensive protection under the NFIP.
-* The Residential Condominium Building Association Policy (RCBAP) is designed to provide flood insurance coverage for '''residential condominium buildings''' owned by condominium associations.
+'''''This page describes the NFIP approach to residential condominium buildings.''''' <br />
-* It insures the '''entire building''' and its contents owned collectively by the association, offering comprehensive protection under the NFIP.
+For information about the legal obligations outlined in the Policy Form, refer to the [https://www.fema.gov/sites/default/files/documents/fema_F-144-RCBAP-SFIP_2021.pdf RCBAP].
-----
+== Eligibility ==
-==== Eligibility ====
+'''Policyholder Eligibility''':
+* The policyholder must be a condominium association.
+* Legal documentation confirming condominium association status is required if the name does not clearly reflect the entity type.
+* Homeowners Associations (HOAs) structured as condominium ownership and requiring flood insurance for their members are also eligible.
-# '''Policyholder Eligibility''':
+'''Building Eligibility''':
-#* The policyholder must be a condominium association.
+* The building must be a residential condominium or a mixed-use building where non-residential areas make up less than 25% of the total floor area.
-#* Legal documentation confirming condominium association status is required if the name does not clearly reflect the entity type.
+* Residential condominium buildings used as '''hotels, motels, or short- or long-term rentals''' are eligible.
-#* Homeowners Associations (HOAs) structured as condominium ownership and requiring flood insurance for their members are also eligible.
+* Timeshare properties in condominium ownership qualify.
-# '''Building Eligibility''':
+* Townhouses or rowhouses owned by a condominium association are eligible for full-building coverage under the RCBAP.
-#* The building must be a residential condominium or a mixed-use building where non-residential areas make up less than 25% of the total floor area.
-#* Residential condominium buildings used as '''hotels, motels, or short- or long-term rentals''' are eligible.
-#* Timeshare properties in condominium ownership qualify.
-#* Townhouses or rowhouses owned by a condominium association are eligible for full-building coverage under the RCBAP.
-----
+== Coverage ==
-==== Coverage ====
+Coverage applies to:
+* '''Buildings''' and '''individually owned units'''.
+* Improvements within units, including fixtures, machinery, and equipment.
+* Contents owned collectively by the condominium association.
+A '''separate policy''' is required for each building owned by the condominium association.
-* Coverage applies to:
+== Program Eligibility ==
-** '''Buildings''' and '''individually owned units'''.
-** Improvements within units, including fixtures, machinery, and equipment.
-** Contents owned collectively by the condominium association.
-* A '''separate policy''' is required for each building owned by the condominium association.
-----
-==== Program Eligibility ====
 * Only buildings within communities participating in the '''Regular Program''' are eligible for the RCBAP.
 * In Emergency Program communities, alternative forms like the Dwelling or General Property Form must be used depending on the number of units.
-----
+== Key Points for Agents ==
-==== Key Points for Agents ====
+'''Documentation Requirements''':
+* Include copies of association bylaws or other legal proof of condominium ownership.
+* Ensure policy applications detail the insured building location and specific property descriptions.
-* '''Documentation Requirements''':
+'''Exclusions''':
-** Include copies of association bylaws or other legal proof of condominium ownership.
+* Buildings in '''cooperative ownership''' are not eligible.
-** Ensure policy applications detail the insured building location and specific property descriptions.
+* HOAs that do not qualify as condominium ownership entities are ineligible.
-* '''Exclusions''':
-** Buildings in '''cooperative ownership''' are not eligible.
-** HOAs that do not qualify as condominium ownership entities are ineligible.
-The RCBAP ensures that condominium associations can secure adequate flood insurance for their residential properties, offering a tailored solution under the NFIP framework
+The RCBAP ensures that condominium associations can secure adequate flood insurance for their residential properties, offering a tailored solution under the NFIP framework.
- Begin general information about the RCBAP here.
 [[Category:SFIP]]
+{{nfip}}