If you screen properly, you will significantly reduce your chances of extensive damage, but even good tenants can turn bad.

If your sheathing damage is so extensive, you may have other damage. 

We agreed and began an extensive update to that house, and it's 4 bedrooms vs. 3, so it's better for our family of 6.

I am trying to find out from experienced forum members if they have some kind of data consolidated from their actual works the cost metrics ($/Sq Ft) for a gut rehab project with possibility of extensions on the second floor for flips?

I have had to back out of a couple of deals because after several extension addenda I was finally informed that settlement could possibly be delayed by several months while they "sorted out the title". 

Actually buying a year long policy will be comparable in price to getting the 3 or 4 month policy then adding on the inevitable extension. 

I have purchased my first single family home as well done very extensive gut rehab on the house.

I used Redfin's home value tool extensively but they took it away for an inferior automatic estimation.

That being said, I have researched Multi-Family properties extensively and though I have found some AMAZING deals in other parts of the country (and in other parts of Florida as well) but being a novice investor I definitely want to invest in my backyard first.

The DP2 insurance policy is also named risk, although its list of perils is much more extensive than the DP1's list.