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We have a $500,000 flood insurance policy for a business condo building that covers two units. There are four units in the building, but our policy covers two units that our borrower owns. The borrower is a business. The loan amount is $500,000, and the value is $1,170,700. For a business condo, would the maximum available under the NFIP be $500,000 or $1,000,000 due to there being two units? In other words, what is the minimum amount required to meet FDPA compliance? Do we look at the two units separately or together?
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