Two questions,

Loan is for $1.3MM. One building secures the loan with an ACV of $1MM. Contents do secure the loan and the value assigned to them is $1.9MM.
So for flood coverage, it would be the lesser of the three: Max available: $500,000, ACV, or loan amount.
In this scenario the Max Available would be the lesser of the three.
For coverage do I have to have a policy that has dwelling + contents with coverage totaling $500,000? Or must the policy max out at the building level for $500,000 and contents for $500,000 both?

Next question: Why doesn't the coverage form on this website include contents in the equation? Just curious. Not that I am whining about it because I certainly appreciate the form!!

Both have to be covered - $500K for building and $500 for contents. As that is the maximum available.

Got it! Thank you. So if our loan amount was $500,000 we would only need $500,000 between the dwelling and contents, correct?

That is correct.

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.

That is correct

Ahhhh so much goodness. Thank you for your help Rlcarey.