It provides general information about deductibles, what is covered or excluded by the National Flood Insurance Program (NFIP), and how items are valued at the time of loss. The specifics described below all pertain to a residential condominium building in an NFIP community.

sfip residential condominium building association policy form page 1 of 24 federal emergency management agency federal insurance administration

Payment for damages may only be made under a single policy for building damages under Coverage A—Building Property. Building Association Policy (RCBAP). However, no more than $250,000 may be paid in combined benefits for a single unit under the Dwelling Form and the RCBAP. We will only pay for damage once.

2024年5月31日 · Share this brochure with clients to help them understand the details of their Residential Condominium Building Association Policy, including their declarations page, items covered (and not covered) and an explanation of the claims process.

In simplest terms, an RCBAP Coinsurance Penalty refers to the amount of money that an insured must pay for a loss because they were underinsured. RCBAP is the only NFIP program that has a coinsurance clause. A building must be insured for 80% of its Replacement Cost Value (RCV) or the maximum amount available from the NFIP.

Residential Condominium Building Association Policy (RCBAP) is available to condominium associations to insure against direct physical damage to your building from a flood.

Only residential buildings having a condominium form of ownership are eligible for the Residential Condominium Building Association Policy (RCBAP). condominium association is the corporate entity responsible for the management and operation of a condominium. Membership is made up of the condominium unit owners.

The RCBAP is a master flood insurance policy issued by the Federal Emergency Management Agency (FEMA) for residential condominiums.

Need RCBAP flood insurance for your condo association? The Flood Nerds™ find affordable, top-rated coverage to protect your building. ★★★★★ Rated. Get a free quote today!

RCBAP Maximum Coverage Limits The maximum building coverage limit for a residential condominium building is defined by taking the NFIP's $250,000 single-family dwelling limit and multiplying it by the number of units in the building.