Are you the member of a condominium Homeowner’s Association? If your condo complex resides in a Special Flood Hazard Area (SFHA) your HOA will be required to carry a master flood insurance policy. Known as a Residential Condominium Building Association Policy, or RCBAP, these master policies are vital to insure the buildings in the condominium are covered. Condo HOA Flood insurance is very important for your homeowners association to obtain.
Save Flood Insurance Agency Inc can help you acquire condo HOA flood insurance, and often times in a shorter time frame than the NFIP can. We can also save your homeowner’s association thousands of dollars in premium each year. Our mapping technology can assess flood risk to your condominium association and many times can provide a more competitive premium rate.
Condo HOA Flood Insurance
To see the FEMA RCBAP policy, click here.
To learn more about obtaining a condo HOA Flood Insurance master policy, click the button below to submit an inquiry
Get a Quote for Flood InsuranceDEFINITIONS
1. Flood, as used in this flood insurance policy, is defined as and must meet #a below: a. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land or of two or more properties (one of which is your property) from: (1) Overflow of inland or tidal waters, (2) Unusual and rapid accumulation or runoff of surface waters, (3) Mudflow
b. Earthquake means a sudden movement of the earth’s crust caused by the release of stress accumulated along geological faults or by volcanic activity. Coverage is only as a direct result of earthquake and shall be documented as a known earthquake in the area and documented on record by local officials and shall not include any consequential loss or damage from any other ensuing peril.
c. Volcanic eruption is the sudden occurrence of a violent discharge of steam and volcanic materials. This applies to property only.
d. Actual Cash Value means the replacement cost of an insured item of property at the time of the loss, less the value of physical depreciation as to the item damaged.
e. Replacement Cost Value means the replacement cost of an insured building without depreciation.
f. Building (s) mean: (1) A residential (1-4 family), other residential (5+ units & RCBAP’s) or non-residential (commercial) building having two or more outside rigid walls and a fully secured roof, that is principally above ground, affixed to a permanent site and on a foundation: (2) A manufactured home (a “manufactured home” also known as a mobile home, is a structure; built on a permanent chassis, transported to its site in one or more sections, and affixed to a permanent foundation); or (3) An appurtenant Structure, being a detached building that is affixed to a permanent foundation servicing a residential (1-4 family) building only.
Building DOES NOT mean a gas or liquid storage tank or a recreational vehicle, park trailer, or other similar vehicle, except as described above.
g. Manufactured Home means a building transportable in one or more sections, which is built on a permanent chassis and designed to be used with a permanent foundation when connected to the required utilities, also known as a “mobile home”. The term “manufactured home” does not include park trailers, and other similar vehicles. To be eligible for coverage under this Policy, a manufactured home must be on a permanent foundation and, if located in a FEMA designated Special Flood Hazard Area, must be anchored in the following manner at the time of the loss:
January 1, 2017 – Property and Flood 3
(1) By over-the top or frame ties to ground anchors; or (2) In accordance with the manufacturer’s specifications; or (3) In compliance with the community’s floodplain management requirements.
h. Basement means any area of the building, including sunken room or sunken portion of a room, having its floor sub grade (below ground level) on all sides.
i. Debris Removal – The expense incurred as a result of removing debris of, on or from your property so long as the debris problem was directly caused by a flood. It also includes non-owned debris that is on or in the insured property.
j. Declarations Page means a computer generated summary of information furnished by you in the application for insurance. The declaration page also describes the term of the policy, limits of coverage, and displays the premium and our name. The declaration page is a part of this flood insurance policy.
k. Residential means a single family dwelling (1-4 units) whether owner occupied, rental (this includes secondary residences such as cabins and vacation homes as long as they are not empty), condo unit, duplex –if 1 unit is owner occupied and 1 unit is rental.
l. Other Residential means a residential building with 5+ units such as apartments buildings and Residential Condominium Building Association Policy (RCBAP).
m. Non Residential means a commercial building.
n. Special Limits mean antiques, vintage, collectibles, memorabilia, artwork, photographs, rare books or autographed items, jewelry, watches, precious and semiprecious stones, articles of gold, silver or platinum, furs or any article containing fur which represents its principal value.
o. Sinkhole collapse means the settlement of systematic weakening of the land supporting the building(s), when such settlement or systematic weakening results from movement or raveling of soils, sediments, or rock materials into subterranean voids created by the effect of water on a limestone or similar rock formation.
p. Catastrophic ground collapse means geological activity which results in an abrupt collapse of ground cover causing a depression in the ground cover clearly visible to the naked eye that causes structural damage to the building(s), including the foundation.