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#1648983 - 01/10/12 09:35 PM Loan amount versus insurable value
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,109
In the mountains
In the case of insurable value, it is the insurable value of the building only (excluding land).

Do I also exclude the value of the land from the loan amount?

Land value is $10,000. Building value is $60,000 on it's own. Total is $70,000. Loan is for $50,000.

Flood insurance coverage would still be $50,000, right? Not $40,000.
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Flood Compliance
#1648993 - 01/10/12 09:40 PM Re: Loan amount versus insurable value Likes to Comply
WI Banker Offline
Gold Star
Joined: Dec 2006
Posts: 253
No, you are not able to exclude the value of the land from the loan amount. You are correct, coverage needed would be $50,000.

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