Factoring in Windstorm & Flood Insurance in South Florida When Analyzing Properties
How are you determining windstorm and flood insurance costs for properties in the south Florida market? For those of us who cannot pay cash and require a loan, banks require windstorm insurance and many times flood insurance as well. I don't see a place in the Bigger Pockets calculators which allow us to take these insurance costs into acount when analyzing properties. I assume we would just add these insurance costs to the calculator's "Insurance" field, for which you would essentially be combining homeowners ins, flood ins, and windstorm insurance into a single field. For multifamily, I assume we will need to carry multiple policies, or would one policy cover the entire structure and all units contained therein? What about other insurance options, such as whole-property ins, rental/business income ins, general liability ins, and umbrealla ins? Which online resources/calculators are you using to calculate these substantial insurnace costs that are uniaue to south Florida and other coastal cities? THANK YOU for your guidance and input as I begin my journey.