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The Russell Agency, LLC Blog

All You Ever Wanted to Know About Insurance

Is federal flood coverage available for commercial property?

The National Flood Insurance Program offers three Standard Flood Insurance Policy forms. These forms provide policyholders with a description of their coverage and other important coverage information.

  1. Dwelling Policy Form;
  2. General Property Policy Form; and
  3. Residential Condominium Building Association Policy Form.

Dwelling Policy Form

The Dwelling Policy Form may be issued to homeowners, residential renters and condominium unit-owners, owners of residential buildings containing two to four units.

In communities participating in the NFIP Regular Program* or Emergency Program**, the dwelling policy provides building and/or contents coverage for:

  • detached, single-family, noncondominium residence with incidental occupancy limited to less than 50 percent of the total floor area;
  • two- to four-family, noncondominium building with incidental occupancy limited to less than 25 percent of the total floor area;
  • dwelling unit in residential condominium building;
  • residential townhouse/rowhouse; or
  • manufactured mobile homes.

General Property Policy Form

The General Property Policy Form may be issued to owners or lessees of nonresidential buildings or units, or residential condominium buildings that are uninsurable under the Residential Condominium Building Association Policy.

In communities participating in the NFIP Regular Program* or Emergency Program**, the General Property Policy provides building and/or contents coverage for these and similar “other residential” risks:

  • hotel or motel with normal guest occupancy of six months or more;
  • apartment building;
  • residential cooperative building;
  • dormitory; or
  • assisted-living facility.

And nonresidential risks:

  • shop, restaurant or other business;
  • mercantile building;
  • grain bin, silo or other farm building;
  • agricultural or industrial-processing facility;
  • factory;
  • warehouse;
  • poolhouse, clubhouse or other recreational building;
  • house of worship;
  • school;
  • hotel or motel with normal guest occupancy of less than six months;
  • licensed bed-and-breakfast inn;
  • retail;
  • nursing home;
  • nonresidential condominium;
  • condominium building with less than 75 percent of its total floor area in residential use;
  • detached garage;
  • tool shed; or
  • stock, inventory or other commercial contents.

Residential Condominium Building Association Policy Form

The Residential Condominium Building Association Policy Form may be issued to condominium associations to insure eligible residential condominium buildings.

In participating NFIP Regular Program* communities only, provides building coverage and, if desired, coverage of commonly owned contents for residential condominium building with 75 percent or more of its total floor area in residential use.

*Regular Program—The final phase of a community’s participation in the NFIP. In this phase, a Flood Insurance Rate Map is in effect and full limits of coverage are available under the act.

**Emergency Program—The initial phase of a community’s participation in the NFIP. During this phase, only limited amounts of insurance are available under the act.

For more information