Just want to make sure I am understanding the answer you gave above:
In this case:
Loan amount: $1,300,000
Structure ACV: $1,000,000 + contents $1,900,000 = $3,200,000
Max allowed: $500,000 structure + $500,000 Contents = $1,000,000
Therefore $500,000 structure and $500,000 contents will be the minimum amount of flood insurance required.