I just received an appraisal report on a building in a SFHA. The appraisal value is based on the land value only, and no value was given to the building as it states "the building is fully depreciated and 0 years economic life remaining". Since the building still stands, flood insurance is still required, right? If so, how would I determine the replacement cost/insurable value? Thanks.

You may have a seriously flawed appraisal in my humble opinion, if this is a standing building with a roof, etc. I would most likely not accept an appraisal like that as the appraiser failed to do their job. No building depreciates to $0, as there is always a salvage value to consider unless the removal of the building would cost more. A more thorough analysis of the actual building that you are talking about would be necessary. It is hard to just make a general statement without all of the facts.

You're absolutely right on. Thanks for the feedback!!

I have a question on low-value buildings. Can someone point to me where to find in the regulation, that we can use the demo cost approach to find a value?