Reply To: 2nd Mortgage on Property and Contents


I wanted to further confirm on the amount of flood insurance required on pavilion with a storage area that I listed in my question in my previous post. If the old one is tore down and replaced and we do a second mortgage on this RV Park how do we determine the updated flood coverage amount required on the pavilion if we don’t do a new appraisal? The other appraisal is approximately a year old. We talked to the original appraiser and he said with the improvements they wanted to do would maybe at the most increase the value of the property by $50,000. Do we need to obtain a construction bid list and that will be the new amount required for flood insurance? Sorry this is such a complicated post. Many variables.