Who Needs Flood Insurance?
NFIP coverage is available to all owners of insurable property (a building and/or its contents) in a community participating in the NFIP. Owners and renters may insure their personal property against flood loss. Builders of buildings in the course of construction, condominium associations, and owners of residential condominium units in participating communities all may purchase flood insurance.
Condominium associations may purchase insurance
coverage on a residential building, including all units, and it's commonly
owned contents under the Residential Condominium Building Association
Policy (RCBAP). The unit owner may separately insure personal contents
as well as obtain additional building coverage under the Dwelling Form
as long as the unit owners share of the RCBAP and his/her added coverage
do not exceed the statutory limits for a single-family dwelling. The
owner of a non-residential condominium unit may purchase only contents
coverage for the unit.