The HOI policy indicates a dwelling limit based on 100% of calculated Replacement Cost at $172,400. Also included in the insurance is $5,000 for the replacement cost value of unscheduled structures and $21,800 for the replacement cost of the detached garage with no living quarters. It appears that the RCV will be the lower of our three valuations to consider for flood insurance coverage. Should I add up all three of these amounts or only consider the dwelling? Or is this more or less a safety and soundness thing as to whether we want to include the detached structured as covered?
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