What is a National Flood Insurance Program (NFIP) Residential Condominium Building Association Policy (RCBAP)?

The RCBAP is a master policy for residential condominiums issued by Federal Emergency Management Agency (FEMA). To meet the definition of a residential condominium building and be eligible for coverage under an RCBAP, 75 percent or more of the building’s floor area must be for residential use.

The maximum amount of building coverage that can be purchased under an RCBAP is the lesser of:

  • 100 percent of the replacement cost value of the building, including amounts to repair or replace the foundation and its supporting structures, or
  • The total number of units in the condominium building times $250,000.

An RCBAP may be purchased only by the condominium owners association.

September 2019