We have an existing commercial loan secured by real estate and contents with a balance of $50,000. The insured value of the building is $220,000. The insured value of the contents is $104,000. We have flood insurance on the building for $75,000 but no contents coverage. What is the minimum amount required contents coverage if the minimum required $50,000 of flood insurance is already met with the building coverage?

$1

I agree with the $1 amount for contents coverage but what about the deductible. If you have a deductible for $5,000 on the building how could you only have $1 coverage for the contents?

I was sort of being facetious. You just need contents coverage for whatever amount that they want, as the building coverage already meets the coverage requirement. But you need a policy that covers both the structure and the contents.