RCBAP Insuring a Residential Condominium
Non-residential unit owners may not purchase Coverage A. Building Coverage under any Form of the SFIP. However, Contents Only coverage can be purchased either under the General Property Form or the Dwelling Form, depending on the type of contents. Personal Property coverage can be purchased under the General Property Form up to $500,000 limits. Coverage B provides coverage for the unit owner’s contents, stock, inventory, and interior walls, floor, and ceiling (not otherwise covered by the RCBAP) for up to 10% of the limit of liability. This does not increase Coverage B limit of liability.
A description of coverages and coverage options. An abstract image of the RCBAP cover is shown. The text of the first section is: “Residential Condominium Building Association Policy (RCBAP) insuring a Residential Condominium. Coverage A – Building Coverage: Provides coverage for the building and all units within the building and improvements within the units (residential and non-residential units), Coverage B – Personal Property Coverage: Provides coverage for personal property owned by the unit owners of the condominium association in common, or owned solely by the condominium association used exclusively for business of the condominium association.” An arrow directs our attention to the next section. An abstract image of the General Property Form is shown. The text is: “Non-Residential (Commercial) Unit Owner insurance coverage options: Dwelling or General Property Form (Contents-only coverage depending on the type of contents). Coverage B – Personal Property Coverage up to $100K or $500K which includes: - Unit owner’s contents, - Interior walls, floor, and ceiling (not otherwise covered by the condo association) for up to 10% of the limit of liability. This does not increase Coverage B limit of liability.