I need to verify the amount of flood coverage req'd on a HELOC. Here are the details:

Total of liens $207,757 ($167,890 - 1st; $39,867 - 2nd)

RCV - (an appraisal was not used, so we do not have appraised value and site value to determine the building value; we used an AVM and do not use that for determining flood coverage).

FYI...the AVM came in at $223,000. For purposes of determining the hazard coverage req'd, we use the AVM value, tax assessor's land value ($58,100) and assessor's property value ($186,493). In this case, the amt. of req'd hazard is $151,640.

I am calculating the amount of req'd flood coverage to be $207,757.

Am I right?

Is the HELOC maximum actually $39,867, or is that just the initial draw amount?

Total Liens $207,757
Value of improvements per Assessor $186,493 less land value $58,100 = $128,393
Max Coverage (assuming this is residential) $250,000

If these #s are correct the lesser of the 3 values is $186,493.

I don't see where the $151,640 came from.

The max limit is $85,000, but we suspended it to future advances and the currnet balance is $39,867.



If we do not have an appriasal, we require the lesser of total liens or max avail of $250,000. We do not use AVM's for calculating flood coverage...I just mentioned it FWIW.