New & Moving to Florida ! Insurance Question

[Kirsten Tarcza]

Hi !

My name is Kirsten. I'm new to real estate investing but have read ~10 books in the past month and decided my market of choice will be Florida. (I am not restricted to where I move, as I work from home.) I originally was going West (Las Vegas or Seattle) but my investment style of choice is BRRRR. I'm not scared of rehabs as I watched my parents do them my entire life. My initial research showed that trying to do that in the West wouldn't work because the homes are too steeply priced and cash flow was minimal. I want warm weather, so here I am!

A few questions for all you seasoned investors/agents -

1. Any areas that seem particularly great or particularly bad for BRRRR? (or rentals in general)?

2. Is there a specific area that there is a great need for rentals and the supply is low?

3. I understand this would change by region, but what additional insurance costs should I count on?

- Are there additional requirements beyond getting Home and Flood insurance (for renting, or otherwise) ?

- How should I calculate the approximate monthly/yearly cost for insurance in Florida?

4. What “upgrades” do you put into a home in Florida that wouldn’t be required in a non hurricane prone state?

(I’m from upstate NY so I know a lot more about snow than hurricanes!)

Can’t wait to get there once all the coronavirus craziness has passed. Please introduce yourself even if you don’t have an answer to any of those questions, I know I’ll be a rockstar at this and want to meet all the other rockstars too !!