Hello,
Has anyone ever come across the situation where the insurance agent/company will not provide the RCV in writing? This would be for refi's where insurance is already in place. We're told it was on the initial policy but anything after that, it's not/cannot be. The RCV from 10 years ago may not be the same as what it might be/should be today. The policy we're working with right now is a NFIP policy.
How do you do the lesser of 3 test if you can't prove the current or increased RCV figure?

Well, first off, the RCV is usually not acquired from the flood insurance policy. It is usually determined through other means - like a current appraisal.

We encourage the lenders to get a cost approach with the appraisal but it would be nice to have something to compare it to. If it's a walk out basement, flood insurance RCV may not be that high, correct?

Well, the only requirement to display the replacement costs on a NFIP declaration page is under the following conditions, so I do not think you are normally going to find it there:

Replacement Cost Value (RCBAP and policies using Post’81 V Zones rates– must indicate field name)

I'm running into the same situation. Not having a RCV on the appraisal.

If not on the appraisal, how do we determine RCV? Where do we obtain the RCV for minimum coverage calculations?

If you haven't read the free article on this subject that David and his crew put together on this issue, you might want to download it.

https://store.bankerscompliance.com...-acf0-5d4304c5335b?searchFilter.keyword=