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We have a loan application to be secured by a storage unit located in a SFHA, where the appraisal values the property as a whole for the land and improvements but does not give a specific land only value. Would it be acceptable to use the tax card value for the land to determine insurable value? In other words, subtract the tax card land value from the appraised value to get the insurable value when determining the minimum amount of insurance required? If not, how do banks work with this type of situation?
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