When determining the amount of flood insurance necessary for a building located in a Special Flood Hazard, one of the things you need to consider is the “insurable value.” There are a variety of ways to determine this. A couple of ways are to look at the functional building cost or the demolition cost.
Kevin explains more in the video.
Video Highlights:
- The Functional Building Cost might be used when the building will be replaced with a less expensive option should it flood.
- The Demolition Cost might be used if the building will not be replaced should it flood.
Published
2023/04/06
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).
