We have a loan that has a single unit condo in a flood hazard area but also has a commercial piece of property that is not in a flood hazard area. The loan is $307,650, appraisal on commercial property is $415,000. Condo appraisal is $310,000, can't readily determine land value. I'm confused as to how to calculate the appropriate coverage. It seems no flood insurance would be required since the commercial property is worth more than the loan balance?????

If your loan amount is $307,650 and the RCV of the condo is $310,000 then you need a minimum of $250,000 (the maximum amount available through the NFIP) in flood insurance coverage. The building not located in the SFHA has no bearing on calculating your minimum coverage for the Flood insurance requirements.

Thanks for your quick reply!