National Flood Insurance Program

CondominiumCoverage

For more information about the NFIP 

and flood insurance, call 

1-800-427-4661,

or contact your 

insurance company or agent. 

For an agent referral, call 

1-888-435-6637

TDD 1-800-427-5593

http://www.fema.gov/nfip

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Other Major BenefitsThe Residential Condominium Building AssociationPolicy:

♦ Covers the entire building under one

policy, including all units within thebuilding as well as commonly ownedbuilding elements.

♦ Offers a high limit of coverage — 

Building – $250,000 multiplied by thenumber of units, or the replacementcost of the building, whichever is less.Contents – $100,000, or the actual cashvalue, whichever is less.

♦ Assists unit owners with mortgage

insurance requirements.

♦ Provides greater protection against

liability issues to condominiumassociations and board members.

♦ Allows condominium associations

to comply with by-law property insurancerequirements.

Unit Owners’ Coverage

—

Building and ContentsAn individual dwelling unit in a condominiumbuilding, defined as a single-family residence,may also be insured under the Standard FloodInsurance Policy – Dwelling Form in one of threeways:

♦ An individual unit and its contents may

be separately insured by the unit owner.

♦ An individual unit may be separately

insured if the policy is purchased by theassociation in the name of the “owner ofrecord, unit number and (name of)Association as their interests may appear.”

♦ An individual unit owned by the

association may be separately insured ifthe policy is purchased by thecondominium association.

Unit owners need to be aware that, if for

any reason a condominium association elects todiscontinue its RCBAP, individual unit ownersmay be responsible for covering flood damage.That is why having flood insurance and propercoverage is important for all residents living incondominium buildings, including high-risecondominiums. It doesn’t matter if you live onthe first, third, or tenth floor. If the lowestfloor or foundation of the structure is damagedby flood, the building could be condemned or

deemed uninhabitable. Also, condominium bylaws require all unit owners to be assessed foruninsured damages to common areas of abuilding if damaged by flood.

Non-Residential (Commercial)CondominiumsBuilding and Contents – Non-residential(commercial) condominium buildings andtheir commonly owned contents may beinsured in the name of the Association underthe General Property Form. The “Non-Residential”

limits apply.

Building Contents

Emergency Program $100,000 $100,000Regular Program $500,000 $500,000Unit Owners’ Coverage (Contents)

–The owner

of a non-residential condominium unit maypurchase contents coverage only for that unit.Building coverage cannot be purchased in thename of the unit owner.