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How much do you assume per unit for property insurance?
I'm reviewing an OM for a 12-unit Class A property and the T-6 annualized expenses has the property insurance at $7,068 ($589/unit), but the Broker's Year 1 pro-forma has the property insurance at $3k ($250/unit).
I know it's the broker's job to sell the property and their pro-forma's aren't to be completely relied upon, but a 50%+ reduction in insurance cost seems pretty high... What are your thoughts on what an average property insurance cost per unit should be?