Unit
Plain-English definition and practical context.
Definition: Unit | ()
pronunciation: yoo-nit
In flood insurance and condominium ownership, a unit refers to an individually owned residential space within a condominium building.
A unit typically includes the interior living area of a dwelling and may include interior walls, fixtures, finishes, and improvements, depending on the condominium association’s governing documents and the insurance policy terms.
Under the National Flood Insurance Program (NFIP), coverage responsibilities for a unit may be shared between the condominium association and the unit owner, depending on whether the building is insured under a Residential Condominium Building Association Policy (RCBAP) and whether the unit owner carries additional coverage.