Posted By: Chocaholic
2 building apt. complex flood ins. calc. - 02/26/15 10:12 PM
I am having a real brain fog today- just want to make sure I have this correct..
We have a loan on these buildings and both are in a flood zone.
A. The owners happen to live in one of the units. Even so, because both structures are 10 + units I am calculating max. flood ins coverage at 2 x $500k or $1mil correct?
B. 2 buildings are worth approx. $900 k with land value around additional $600k
C Loan amt. is $750,000
By my calculation & understanding then, the flood insurance should be for the loan amt. ( $750,000 ) divided equally on each building. Is this correct?
The policy I have now is $250k and there is no indication both buildings are covered..so a violation in my books.
Any help will be appreciated.
We have a loan on these buildings and both are in a flood zone.
A. The owners happen to live in one of the units. Even so, because both structures are 10 + units I am calculating max. flood ins coverage at 2 x $500k or $1mil correct?
B. 2 buildings are worth approx. $900 k with land value around additional $600k
C Loan amt. is $750,000
By my calculation & understanding then, the flood insurance should be for the loan amt. ( $750,000 ) divided equally on each building. Is this correct?
The policy I have now is $250k and there is no indication both buildings are covered..so a violation in my books.
Any help will be appreciated.