Yes they are more than others, but they have the most comprehensive coverage for STRs.

When financing a large-scale fix-and-flip project, assessing and managing risk is crucial for success.Risk Management StrategiesContingency Budgeting:Set aside a contingency fund (typically 10-20% of renovation costs) for unexpected expenses.Time Management:Develop a detailed project timeline to keep renovations on track and avoid extended holding costs.Partnerships:Collaborate with experienced contractors and real estate agents to mitigate risks associated with repairs and market positioning.Insurance:Obtain comprehensive insurance coverage, including builder’s risk insurance and general liability insurance, to protect against unforeseen events.Exit Strategy:Always have an exit strategy.

You’ll want specialized coverage that accounts for the fact that residents are receiving medical or custodial care on your property.

OKC (I always pick on this market) I might use 1-1.5% a year.Renovation Scope & Budget:Break down the renovation budget per unit and scope of work.Identify whether renovations are light ($5-10k per unit) or comprehensive ($15k+ per unit).

Like I said sorry I don't have any real pearls of wisdom it might be worth a consult with a good attorney that understands insurance coverage issues.

Namely LTC/LTV & debt coverage ratio.

The outline was comprehensive and I will review a few apps to fully understand their features.  

For a more comprehensive look at the Las Vegas investment market, feel free to DM me for a link to our blog.

The best approach is for the HOA to review their insurance policies to see if they have this coverage.

We are using a Debt service coverage ratio (DSCR) loan.Lessons learned?