Final answer:
The General Property Form is the NFIP flood insurance form that can insure residential buildings not meeting the Dwelling Form requirements. Option 1 is correct.
Step-by-step explanation:
The NFIP flood insurance form that can insure residential buildings that do not meet the requirements specified by the Dwelling Form is the General Property Form. The Dwelling Form is designed specifically for residential buildings meeting certain eligibility criteria.
On the other hand, the General Property Form is suitable for insuring residential buildings and non-residential buildings that may not qualify under the Dwelling Form, such as small businesses, apartment buildings, and other non-condominium residential buildings with more than four units.
Furthermore, the Residential Condominium Building Association Policy (RCBAP) is intended for residential condominium associations covering the entire building or complex, and the Preferred Risk Policy is for properties in low to moderate flood risk areas that meet eligibility requirements. Therefore, when a residential building does not meet the specific qualifications for the Dwelling Form, the General Property Form is the appropriate choice.
It covers residential and non-residential buildings that are ineligible for the Dwelling Form. The General Property Form is the correct option for such properties.