Underwriting has changed but the fundamentals have not. FEMA's Risk Rating 2.0 now prices each property individually based on elevation, construction, and distance to water, so two similar homes can carry very different premiums. The move for multi property investors is to model total carrying cost, mortgage, taxes, insurance, flood, and HOA, before the offer, and to lean toward newer construction built to current Florida Building Code, which typically underwrites lower.
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