ANFI 205 (GR 3-9): Determining Eligibility of a Building and Its Contents Part 5
Shareholders/tenants residing in cooperative buildings ___.
May not purchase building coverage for their units.
Cooperative buildings are owned and managed by ___.
A corporation, and their ownership differs from the condominium form of ownership.
Timeshare buildings in the condominium form of ownership ___.
Are eligible for coverage and must be insured under the RCBAP.
Residents within cooperative buildings ___.
Buy shares of the corporation, rather than the real estate (building, land, or both building and land).
Timeshare buildings are subject to the same eligibility, rating, and ____.
Coverage requirements as other condominiums, including the requirement that 75% of the area of the building be used for residential purposes.
Cooperative buildings where at least 75% of the area is used for residential purposes are considered residential occupancies, however, ___.
Since they are not in the condominium form of ownership, they cannot be insured under the RCBAP.
The residents of a unit within a cooperative building may purchase contents coverage under ___.
The Dwelling Form and 10% of the contents coverage may be applied to betterments and improvements at the time of loss.
When a homeowners association's (HOA) by-laws require the HOA to purchase flood insurance building coverage for its members, ___.
The policy must be written in the name of the building owner. The HOA may be listed as an additional insured.
Timeshare buildings not in the condominium form of ownership ____.
Where at least 75% of the area of the building is used for residential purposes are considered as residential occupancies under the NFIP.