To meet the coverage requirements for flood insurance are we allowed to subtract the land value from the appraised value?

I am finding conflicting answers on this topic.

Thanks!

What you asked: Yes, you can't insure bare land.
More than you asked for: However, you shouldn't really be using appraised value either. What you want to determine is the value of the building - either replacement cost value (for most primary dwellings) or the actual cash value (for all other buildings).

You might be interested in reading an article we wrote called "Flood Insurance Insurable Value". You can find it at our Downloads page:
http://www.bankerscompliance.com/compliance-resources/free-downloads.htm