Living on the edge of a floodplain doesn’t have to be a constant worry.
By understanding what condo flood insurance covers and taking proactive steps, you can transform your condo into a secure haven, ready to face any watery challenge.
What Does Condo Flood Insurance Cover
Condo living combines convenience and community, but if you live in a flood-prone area, peace of mind can be hard to find.
You might wonder, “What does condo flood insurance cover?” Don’t worry, this guide will explain condo flood insurance in simple terms, helping you prepare for any flood-related challenges.
Mastering the Master Policy: Condo Association’s Shield
Before you explore your own policy, grasp the Residential Condominium Building Association Policy (RCBAP), your condo association’s master policy.
This policy defends the building and its common areas, like a strong umbrella covering the entire condo complex.
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What’s Under the RCBAP Umbrella?
- Building and Foundation: The RCBAP shields the building’s core elements – walls, roof, and foundation – from flood damage.
- Common Areas: Shared spaces such as hallways, lobbies, elevators, and parking garages are covered by the RCBAP.
- Unit Interiors: The RCBAP goes beyond, safeguarding permanent fixtures inside individual units, like built-in cabinets, appliances, and flooring. This blurs the line between common and individual responsibility in an interesting way.
Individual Flood Policy: Your Personal Ark
Now, let’s step inside your unit and explore your own individual flood policy.
This acts as your personal ark, safeguarding your precious belongings and offering temporary shelter should the floodwaters rise.