Lundgren Insurance Agency LLC
Office: (602) 218-6022 | Fax: (800) 878-3151

Flood Insurance (RCBAP)

A Residential Condominium Building Association Policy, or RCBAP, policy is required by every lender who provides a loan to a unit owner of a condominium located in a designated flood hazard area as determined by FEMA.  If your association is located in an area identified by the Secretary of Housing and Urban Development as an area having special flood hazards, you will need to purchase an RCBAP flood policy for those buildings located within such hazard area.

Up until very recently only the National Flood Insurance Program provided these policies for condominium associations.  Now the Private Market has carriers who are writing RCBAP policies.  In most cases, these policies are 10%-20% less than the policy provided by the NFIP. 

Benefits to a private flood policy are as follows:

  • One policy for all of the buildings instead of a policy per building
  • One invoice instead of an invoice per building
  • Lender Compliant
  • "A" Rated Carriers
  • Superior claims service
  • 10%-20% lower premiums than NFIP in most cases
  • Private flood policies available in all 50 states
flooded residential neighborhood

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