Is this the newsletter that came out in June on Best Practices for Contents Coverage? If this is what you’re referring to, it is informing you that your security agreement/mortgage instrument might state that the building contents/business assets are securing the loan as well as the building. And in this situation, even if you don’t perfect the lien on the contents (i.e. by filing a UCC on the contents), you would still need to obtain flood insurance if your mortgage instrument states you have a security interest in all business assets/contents (or something similar) and the building securing the loan is in a SFHA.
So, you are correct that if the building housing the contents does not secure the loan then you are not required to have flood insurance on the contents even if it is in a flood zone. In other words no building, no flood insurance required.
If you are referring to a different newsletter, please let me know.