RCBAP | YEP INSURANCE

RCBAP FLOOD INSURANCE

Flooding damage can have a devastating effect on businesses. Is your business or condo insured against flood damage risks? At Yep Insurance, we are aware of RCBAP (Residents Condominium Building Association Policy) policies and can help you provide extended coverage for your condos or building. 

Flood Insurance for Property Owners and Businesses

Insuring your property or business can protect you from the financial devastation that often follows flood damage. Flood insurance is different when compared to other types of insurance because it must be obtained through FEMA (Federal Emergency Management Agency). For the most part, people whose homes or properties are located in high-risk flood areas are forced to pay a much higher premium owing to the potential for damage. 

 

However, you can choose to buy insurance from a federally regulated flood insurance company or a private insurance provider. 

 

Yep Insurance offers both commercial and domestic flood insurance for business, homes and condos. As an experienced flood insurance agency, we completely understand how your business or home can be affected by floods. We are happy to discuss the benefits, features and costs of private flood insurance policies. 

How RCBAP Flood Insurance Policy Works

RCBAP stands for Residents Condominium Building Association Policy. According to the National Flood Insurance Program (NFIP), there are distinct flood insurance guidelines for individual unit owners and the condominium association. 

 

The RCBAP can be described as a master policy under FEMA for residential condominiums. In order to be eligible for RCBAP, the condominium should qualify as a residence. According to FEMA, if 75% or more of the building’s area is used for residential purposes, the property can be insured under RCBAP. 

 

Please bear in mind that condominium hazard policies usually cover only wind and fire damage and the coverage may not extend to individual units. The rates and terms usually vary according to state law. 

 

On the other hand, a Residents Condominium Building Association Policy (RCBAP) master policy covers common elements such as foundation, drywall repairs, paint, ceilings, carpet and tiles as well as appliances, fixtures and much more. Call our friendly staff for further details regarding private contents coverage. 

 

Only condominium associations can purchase RCBAP building coverage. Coverage includes 100% of the replacement value of the building including repairs to the foundation or surrounding structures or total number of units times $250,000: Whichever works out to be lower.

RCBAP Insurance Building Coverage

The process of buying RCBAP flood policies begins with finding out the location of the property on flood zoning maps. FEMA sets the rates and premiums for every zone. In some cases, the condominium association may need to procure an elevation certificate before obtaining coverage. If, for example, your building is located at a higher level than base elevation, the property may be eligible for more competitive premium rates. 

 

However, we have good news! At Yep Insurance, we can issue certain commercial flood insurance policies without an elevation certificate. Feel free to drop into our offices or call our insurance agent for more information regarding RCBAP or individual unit owner’s flood insurance. 

 

Flood insurance coverage policies (like other insurance policies) often contain technical jargon and complex terminology. As a trusted flood insurance agency, our customer-friendly staff are always at your service and ready to clarify any doubts. 

Is Your Business Insured Against Flood Damage?

When floods happen, it’s common to see large numbers of people displaced from their homes. Likewise, businesses often remain shuttered for weeks or months while repairs are taking place. 

 

The ripple effects after a flooding disaster can be devastating and can be difficult (and sometimes impossible) to recover from. The type of damage is different depending on the type of business. For example, farms may experience loss of livestock while affected car dealerships may see a large part of their expensive inventory destroyed. The vehicles may be extensively damaged and may eventually have to be sold off as scrap metal. 

 

Similarly, transportation-based businesses may take a hit since their trucks or vehicles may be unable to cross flooded areas and operations may grind to a halt. Moreover, all this may occur in just a day or two -- without warning or time to prepare. 

 

Very few business owners (if at all) will be expected to have ready cash of $90,000 to repair say floorboards or walls? Flood insurance rate maps often determine your insurance policy premium. 

 

Talk to our insurance experts about getting flood insurance, even if you don’t have a base elevation certificate. 

 

No home or business is immune to flood risks and damage. Sadly, for many business and property owners, flood damage is not covered by your typical insurance policy. Thunderstorms, flash floods, hurricanes, excessive snowfall or rainfall, broken sewers or main pipelines and dam failures can all wreak havoc on businesses and homes. 

 

Your business may suffer in several ways. Flooding can cause structural damage, loss of revenues, electrical or plumbing damage or ruin stored goods. Your vehicles, machinery or equipment may also suffer damage. It need not be a severe flood, even a few inches of water has the potential to cause extensive damage. 

 

You may also have to pay expensive rates for debris removal during the recovery period. Water damage can occur suddenly without warning and you are often left with no time to plan and recover your losses. All these costs can add up to a substantial sum and can leave business owners reeling under the strain. 

 

Getting RCBAP flood insurance for your property can keep you covered in the event of flood damage. Contact commercial flood insurance companies for more information.

Business Interruption Claims After Flood Damage

The increased incidence of natural disasters like floods makes commercial flood insurance more important than ever. Power surges or loss of electricity, damaged equipment or spoiled perishable goods can all add to our troubles after floods. 

 

The cost of commercial flood insurance coverage may depend on several factors, such as the nature of your business, number of locations, business revenues and income. 

Contact Us

Yep Insurance offers business interruption coverage for our commercial clients. In some cases, you may be eligible for a claim even if you don’t have a physical location in the area. Contact Yep Insurance with all of your queries regarding RCBAP, private and commercial flood insurance. 

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As a reputed flood insurance agency, we prioritize your best interests from start to finish.

Call us at 1-800-761-7994 or fill out our online form for information on RCBAP flood insurance today.

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