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#2143837 - 08/28/17 05:41 PM Insurance has separate RCV for dwelling and garage
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
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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Flood Compliance
#2143912 - 08/28/17 08:29 PM Re: Insurance has separate RCV for dwelling and garage Bec
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,025
Bloomington, IN
If you are requiring flood insurance on the detached structures then you would take their values into consideration. If you are waving the required coverage under the detached structure exemption their value would not be considered.
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The opinions expressed are mine and they are not to be taken as legal advice.

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