It has been ages since I did a flood calc on multiple commercial structures, so would appreciate some feedback.

I have multiple commercial units in a building. The building does not secure my loan, and it consists mostly of residential condominiums (about 50 of them), but there are several commercial units as well. Only the commercial units secure my loan, and no contents.

I have 15 commercial condos units securing my loan, and the appraisal states that the insurable value for all 15 units is $3,350,000. The units have identical square footage.

1. Do I divide the $3,350,000 by the 15 units to arrive at my insurable value for each individual unit? (would come out to $223,334 per unit if that is how I do it)

2. Since only the 15 commercial units secure my loan, am I correct I apply the Max NFIP of $500,000 per unit? This despite the fact that the building overall is deemed residential?

3. If the building has an RCBAP, do RCBAPs for mixed condo buildings also cover the commercial condo units?

Appreciate any insight.

MOS

Is it a residential condominium building with 75 percent or more of its total floor area in residential use? if so then the RCBAP will cover the commercial units just like a residential unit in the building.

Thank you. I have not yet determined if there is an RCBAP. That said, if there is an RCBAP, and it is covered up to the RCV of the entire building, then I can conclude that those commercial units are adequately covered just as I could the residential units?

And if there is no RCBAP, does my calculation for the insurable value of each individual commercial unit pass muster? $3.350,000/15 = $223,334

Is the Max NFIP $500,000 per commercial condo unit?

If there is no RCBAP then likely this is a non-residential condo building and condominium unit owners in a non-residential condominium may not purchase building coverage. The limit on the entire building would $500,00 unless there is private insurance available.

Much thanks. There is an RCBAP, now we just have to determine if it covers the entire building up to its RCV.