Condo Owner / Renter

If you rent or own your condominium unit, it is a good idea to purchase both building (if you own the unit) and contents coverage. If you are a tenant, contents only coverage is available. The policy premium is based on several factors including the flood risk of the building that you occupy.

Moderate-to-Low Risk

Most condo owners or renters in moderate-to-low risk areas are eligible for coverage at a preferred rate for condominiums in moderate-to-low risk areas. Preferred Risk Policy premiums are the lowest premiums available through the NFIP, offering building and contents coverage for one low price.

If you don’t qualify for a Preferred Risk Policy, a standard rated policy is still available. Even though flood insurance isn’t federally required, nearly 25% of all NFIP flood claims occur in moderate-to-low risk areas.


If you live in a high-risk area, a standard rated policy is the only option for you. It offers separate building and contents coverage.

The Residential Condominium Building Association Policy (RCBAP)

This form of the Standard Flood Insurance Policy insures residential condominium associations and thus the building in which your unit is located.

Flood insurance premiums are calculated based on factors such as:

  • Year of building construction
  • Building occupancy
  • Number of floors
  • Number of Units
  • The location of its contents
  • Its flood risk (i.e. its flood zone)
  • The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
  • The deductible you choose and the amount of building and contents coverage

If you own your unit and it is located in a high-risk flood area, you will be required to purchase flood insurance if your lender is federally regulated or insured.

NFIP = National Flood Insurance Program