Does the replacement cost value only apply in cases where the loan is for a condiminium or can the replacement cost value also be used in determining the adequacy of flood insurance for 1-4 family residential property?

Any time you have owner-occupied (more than 80% of the time) residential property.

Let me add...the jury is still out on this...many of us recognize the above, however the definition of "insurable value" IS 100% RCV, regardless of commercial/residential, etc. However, loss payment provisions differientiate between ACV and RCV based on the above criteria.

Hopefully the final Q&A's will address this discrepancy as many of us have pointed it out in our comment letters.