Flood Insurance: Determining Insurable Value

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