The loan amount is $500,000. The maximum amount from FEMA is $1,000,000 (Two general policies at $500,000 each). The value of the improvements is $1,170,700.
To be in compliance you must obtain at least $500,000 in coverage, which is the loan amount. The maximum coverage you could obtain is $1,000,000, assuming each unit is worth at least $500,000.
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