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.