We have a $280,000 loan secured by two tracts of land - one contains a residence (valued at over $300,000) and the other contains 4 other structures (cabins, storage sheds - estimated value of $25,000).
We have a current flood policy for $250,000 on the home and an excess policy on the home for $19,000. The agent is telling us that the $250,000 policy provides 10% of the dwelling amount ($25,000) for other structures. The additional $19,000 excess policy covers strictly the home.
Do we have adequate coverage?