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?