How do you insure flood for your condominium association?
There are options, but most of them fall back on the government and the NFIP.
If you really want to confuse someone, involve insurance and the government. Both of these entities create more obfuscation than any other industry I can think of.
So how do you navigate the flood issue for your condominium association.
First reach out to your agent or company. Let’s be honest here, most of them don’t know their ass from their elbow when it comes to flood. I admit, it baffles and befuddles me all the time. If you can, reach out to the NFIP ( national flood insurance plan). They have so much data, resources,help and brochures that it will consume you. But they are your best resource, if you are looking for the right answers.
What is RCBAP?
RCBAP stands for Residential Community Building Association Policy.
The RCBAP is set up to cover condo associations through the NFIP. You must be a condo complex, not a HOA or a PUD. You must have at least 75% of your floor space be residential.
What you get?
You get a policy covering the condominium with limits up to the building value or $250,000 per unit or whichever is less.
Ask your agent for more details.