Minimum Flood Coverage Calculator

Dan Persfull, of The Peoples State Bank has provided a quick way to calculate the minimum amount of flood insurance needed for flood requirements.

This spreadsheet requires three input values:
1. Loan Balance
2. Property Value
3. Property Type
The result is the minimum amount of required coverage and up to five buildings may be entered at once.
The password to unlock the worksheet is "flood" sans quotes.

The latest ".v2" version 2 corrects that an issue with one loan and multiple properties:

Date: Will auto populate
Gray area below the date – Enter borrower(s) name.

Loans Secured by Property in a SFHA
* Identify in the “yellow” area ONLY the loans that are secured by properties located in a SFHA.
* In the blue area enter the loan’s balance.

Insurable Value of Property in a SFHA –
* Identify in the “yellow” area ONLY the properties that are located in a SFHA.
* In the blue area enter the insurable value of the properties located in a SFHA.

* Insurable value -
* * Owner Occupied – Replacement Cost Value (RCV). RCV = Cost Approach – Site Value.
* * Non Owner Occupied – Actual Cash Value (ACV). ACV = RCV – depreciation.

Ins. Amount IF < NFIP Max – This section will auto populate with the lesser of the insurable value or the NFIP Max.

Max NFIP Coverage – This section will auto populate with the NFIP Maximum coverage for the identified property type

Property Type – Identify the property type. R = Residential, O = Other Residential & N = Non-residential.

Minimum Flood Insurance Required – Will auto populate.