When looking at the National Flood Insurance Program (NFIP), the other structures coverage is so limited that it might almost be thought of as, “There isn’t any.” To adequately protect other structures under the NFIP, a separate policy per building is required.
An insured wanted to buy a flood policy even though it was not required by the lender. The WYO underwriter said that since the policy was not required by the lender for a loan closing, there was a 30-day wait for coverage to become effective. Is the underwriter correct?
If a homeowners association (HOA) is not established as a condominium, the Residential Condominium Building Association Policy (RCBAP) can’t be used. This can create several problems, particularly if someone tries to use the RCBAP anyway.
Throughout the country, flood maps are changing. For some policyholders this is good news, while for others it can be bad news. As flood maps change, the premiums for flood policies change too. In some cases, a provision referred to as “map grandfathering” can benefit some policyholders and provide them with significant savings on their…
It’s a bizarre statement, but here goes anyway: “Condo unit owners, even those on upper floors, should consider purchasing a dwelling flood policy that includes both contents coverage and building coverage.” Here’s why….
In many states, what is covered under an HO-6 and a condo association master policy is governed by state law. That may not be the case when there is a flood claim and federal law pre-empts state law. For example….
