Monday May 04, 2026
What is flood insurance?
Flood insurance is a separate policy that helps pay for covered damage caused by flooding. In Rhode Island, flood damage is typically excluded from standard homeowners insurance, so flood coverage usually has to be purchased separately through the National Flood Insurance Program (NFIP) or a private flood insurer.What is the NFIP?
The National Flood Insurance Program is the federal program administered by FEMA that makes flood insurance available in participating communities.It sets the baseline rules for what’s covered, how claims work, and federal coverage limits. Many HOAs and condo associations in Rhode Island obtain flood coverage through the NFIP, sometimes paired with private options for broader or higher limits.
How the NFIP defines “flood”
Under the NFIP, “flood” generally means water covering normally dry land and usually affecting at least two properties or two acres. FEMA specifically distinguishes that from internal water damage like burst pipes or roof leaks, which are generally not covered by flood insurance.What is a FEMA flood map?
A FEMA flood map shows a community’s flood risk zones, including areas labeled as Special Flood Hazard Areas (SFHAs). These maps matter because federally regulated or insured lenders generally require flood insurance for loans secured by buildings in SFHAs. Private flood insurance may also satisfy that requirement if the policy meets federal standards or is otherwise accepted by the lender.Coverage for condos and HOAs
For condo associations
In many condo buildings, the association purchases a master flood policy to cover the building and common elements. For condos insured through the NFIP, the most common master policy form is the Residential Condominium Building Association Policy (RCBAP).In simple terms, an RCBAP covers the building as a whole on a replacement-cost basis, subject to NFIP limits, and lower coverage amounts can reduce claim payments. Learn more in our guide to Rhode Island condo insurance.
For HOAs
HOA flood coverage typically depends on what the association owns or must insure under its governing documents. Many HOAs insure association-owned property under a Standard Flood Insurance Policy General Property Form. Often, the HOA insures only shared structures and common areas.For high-rises
In a high-rise, flood risk often centers on the building’s shared systems and common areas rather than individual units. Flooding can damage lower-level equipment, elevators, electrical systems, lobbies, and storage areas, which is why associations often focus on building-level coverage while unit owners review whether they also need contents coverage.For unit owners
An association’s master flood policy generally does not protect the unit owner’s personal belongings (furniture, electronics, clothing, etc.). That’s why many owners in condos and HOAs consider a contents-only flood policy to cover what’s inside their unit.Depending on the community’s governing documents and how the master policy is written, unit owners should confirm whether they need coverage for improvements/betterments or losses that fall within the association’s deductible.
FirstService Residential Connect™ makes it easier for homeowners and board members to instantly access governing documents, notices, and records through an interactive community website and mobile application.
Costs for boards and owners
Flood insurance pricing can vary widely because it’s based on property-specific flood risk and policy choices, like coverage limits and deductibles. That said, here are some rough ranges that can help set baseline expectations:- Boards: Often range from $350–$1,500 per unit per year, though premiums can swing widely because the policy is tied to the whole building (or association-owned structures). Many associations see annual master-policy premiums from a few thousand dollars to tens of thousands+ per year, and pricing is often discussed in per-unit terms.
- Unit owners: Typically range from the mid-hundreds to around $1,300+ per year. The final premium depends on factors like the property’s flood zone, elevation, and the amount of coverage selected.
Tips
Confirm who insures what before you shop
Before requesting quotes, align the insurance plan with your governing documents. Boards should confirm what they’re required to maintain and insure, and owners should confirm what they’re expected to insure personally.Plan ahead for the waiting period
NFIP flood insurance often has a 30-day waiting period before it becomes effective. If you wait until a storm is already in the forecast, coverage may not be in place when you need it.If you’re a condo board, ask whether RCBAP is the right fit
If your building qualifies and the association is responsible for building coverage, an RCBAP is often the starting point for NFIP flood insurance. From there, boards can decide whether they need higher limits through excess flood coverage and how owners should fill gaps with contents coverage.Make flood coverage part of your annual insurance review
Flood insurance decisions tend to get attention only after a major event. A simple annual review of what’s covered, what isn’t, and whether limits still match the building can help you avoid last-minute scrambling.How a property management company can help
A strong property management partner can help a Rhode Island HOA or condominium board keep insurance reviews on a clear annual schedule, organize building data for brokers, coordinate lender and resident communication, and help boards and owners comply with Rhode Island HOA laws and their community’s governing documents.FirstService Residential clients can also tap our affiliate, FS Insurance Brokers, which combines insurance expertise with property management insight. Their licensed professionals help communities evaluate coverage, improve risk planning, and advocate through the insurance process, often with an eye toward enhancing coverage while keeping premiums competitive.
About FirstService Residential
As North America’s leading property management company, FirstService Residential serves Rhode Island communities with local expertise backed by national resources. With over 35 years of experience across the state, our teams support boards and owners with recordkeeping, financial management, resident communications, banking and insurance programs, and 24/7 customer care teams.This way, our clients can focus on long-term goals instead of day-to-day administration. To learn more, contact our Rhode Island team today.
This information is provided for general informational purposes only and is not intended to constitute, and should not be relied upon as, legal, regulatory, financial, or operational advice, or as a representation or guarantee of any specific services, capabilities, or outcomes. Property management needs, regulatory requirements, market conditions, and available services vary by jurisdiction, property type, and community. FirstService Residential provides services through locally based affiliates and associates, and services and results may vary by community, region, contractual terms, and applicable law.