We have a condo association policy that has 42 units in 10 buildings. The flood coverage is $4,702,400 but says "see attached for the break down." So the next page has a listing of primary flood break down by buildings and policies. Our collateral is in Building 8 which has a flood policy break down of $392,000 and this building has 4 units in it.

So which amount do we use to represent the coverage amount of our unit being used as collateral?

Option 1: $4,702,400/42 = $111,961.90
Option 2: $392,000
Option 3: $392,000/4 = $98,000

Also, I would like to note that on the policy in the remarks section it says "Replacement Cost is subject to the policy limit."

Option 3: $392,000/4 = $98,000

What that statement means is anyone's guess. Ask for an official declaration page. They are required to print the replacement cost on a RCBAP policy declaration page:

https://nfip-iservice.com/Stakeholder/FE...equirements.pdf

I received the declaration page for just that building that has 4 units. It does list the Replacement Cost at $356,400. However, this is now an even lower figure than the coverage amount they have on that building ($392,000). So if you take $356,400/4 = $89,100.

Do I use the $89,100 as the replacement cost value figure when determining the lesser of the three? We had pulled an e2Value RCV report on this property because the appraisal didn't have the cost approach valuation section. e2Value reported a RCV of $128,000. That's a big difference from $89,100.

Loan amount is $108,300
Max Limit for Residential is $250,000
RCV? $89,100 or $128,000?

I appreciate your assistance on this. We have some room for improvement for reviewing condo policies.

If the insurance amount is equal or greater than the RCV listed on the declaration page - you are done. The condo is fully insured. As far a getting a RCV from a secondary source on a condo - well good luck with that. You can't just build one unit - you have to calculate the replacement cost of the entire structure including all common areas.

Thank you very much.