Save this before work starts on your renovation. Starting a renovation can change what your property policy covers. Why it matters: ✅ The ordinary property policy can exclude coverage during construction. ✅ Significant renovation can require builder’s-risk insurance, per Fannie Mae’s multifamily guide. ✅ That coverage belongs in the renovation budget, not as a surprise after work starts. A renovation budget that ignores the insurance consequence of the renovation is incomplete. Talk to your broker before the first contractor shows up. 📖 Full breakdown on the MSA blog: “Multifamily Insurance: How to Underwrite Costs, Reduce Risk, and Find Potential Savings” 🔗 msadatainsights.com/blog 🎓 We break down concepts like this using real underwriting examples in the FREE MSA Deal Room every Saturday at 9:00 AM PT. 📍 For more underwriting tips, visit: 🔗 msadatainsights.com/dealroom 🚨 For our latest investment opportunity, visit: 🔗 xsitecapital.com #multifamily #underwriting #realestateinvesting #commercialrealestate #apartmentinvesting #renovation #insurance #valueadd - @mannyawasom