RCV & Flood Insurance Policy

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Question:

Is it acceptable to use the RCV from the flood insurance policy rather than the hazard policy? I have seen many contradicting statements related to the use of one over the other.

Answer:

You should never use RCV from the hazard insurance policy. Hazard insurance doesn't give a full dollar for dollar value to anything below ground (basements, footers, foundations). You can find an article at our website entitled "Flood Insurance Insurable Value" that will help you understand.