RCBAP Coverage B - Personal Property
If the policyholder purchased personal property coverage, the SFIP will insure against direct physical loss by or from flood to personal property that is inside a fully enclosed insured building and is:
  • Owned by the unit owners of the condominium association in common, meaning property in which each unit owner has an undivided ownership interest
  • Owned solely by the condominium association and used exclusively in the conduct of the business affairs of the condominium association
Note: Under the RCBAP, only the personal property that is owned by the association or all of the unit owners in common is insured, not the individual unit owners’ personal property.
Hierarchical diagram with a building beside the words Property Covered. Four boxes underneath labeled Coverage A Building Property, Coverage B Personal Property, Coverage C Other Coverages , Coverage D Increased Cost of Compliance. The Coverage B Personal Property box is highlighted and has a picture of commercial washers and dryers below it.
A pencil writing across paper.

Adjuster Tip: The adjuster should review the differences in policy interpretation regarding the purchase of personal property coverage between the Dwelling Form, General Property Form, and RCBAP.