You need (as a minimum) the lesser of:
1. Loan(s) balance. Use the combined loan amount;
2. Insurable value. You won't get a payback on a loss of RCV because this isn't a single unit. It's 16 units.
3. Max available - $250k for each dwelling unit.
Just a note. Since this is a non-residential condo building, The maximum insurance available on the whole complex is $500,000. Per unit coverage is not available.
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