I am trying to get this straight:
Condo Assoc Flood Insurance Policy Coverage $1,000,000
RCBAP Replacement Cost from policy: $1,300,000
Number of Units 20

Coverage per unit is $50,000

Required Coverage is $65,000

I am thinking that my options are: Borrower get an individual flood policy for $15,000, condo assoc increase policy by $300,000, of force place $15,000. Is that correct?

On an existing loan, yes. Also, be aware that there are going to be penalties for the condo not being insured up to 80% of its replacement cost value and no NFIP policy will make up for that difference from a safety and soundness perspective.