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Policy: NFIP Residential Condominium Building Association Policy
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Description

NFIP Residential Condominium Building Association Policy

Quote From FEMA "The Residential Condominium Building Association Policy Form may be issued to condominium associations to insure eligible residential condominium buildings.

In participating NFIP Regular Program* communities only, provides building coverage and, if desired, coverage of commonly owned contents for residential condominium building with 75% or more of its total floor area in residential use.

*Regular Program - The final phase of a community's participation in the National Flood Insurance Program. In this phase, a Flood Insurance Rate Map is in effect and full limits of coverage are available under the Act.

**Emergency Program -The initial phase of a community's participation in the National Flood Insurance Program. During this phase, only limited amounts of insurance are available under the Act."



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Added: 2/25/2009 Last Update: 3/5/2011
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