That is the problem as our loan amount is 75,000. The value of improvements are much less value because the mobile home is on a lake and the value of the property is much greater than the improvements. The appraisal gave a much higher value to the improvements than the 2009 tax assessment. I believe we are under by about 5,000 on flood if we use the flood regulation requirements.
I'm not sure what is going on here but I would be very suspect of an appraiser that gave, and a loan officer that accepted
, a replacement cost value of $75,000 for a mobile home. I'm not saying it's not possible, but I am saying it is suspect.
Land is not insurable. You have to determine the insurable value of the improvements and if you have $65,000 in homeowners insurance on the improvements then I would have to assume that's the insurable value and the amount of flood insurance needed.
Sounds to me you have some investigative work to do.