I need help determining the maximum amount of flood insurance available when multiple buildings on one property are involved.
Heres the scenario:
Loan will be secured by 5 acre property that includes a primary residence (1-4 family home), a cabin, and another building that was a hotel in the 1700's - as described in the appraisal. I'm not sure if the cabin or hotel are even inhabitable (not sure if there is electricity, running water, etc.) or what they will be used for. Is the maximum amount of flood coverage based on an individual building basis or on an entire property basis? The appraisal lists the RCV at $275,000.