{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Climate-Ready Real Estate Investing","title":"Specifying for Resilience: A Developer's Checklist","html":"","width":"100%","height":180,"duration":678,"description":"EPISODE DESCRIPTION\nWhen does paying up for a resilient building actually pencil — and how do you prove it to a lender and a carrier? In this Strategy & Underwriting brief, host Jamie Wolf turns Monday's supply-chain signal into an underwriting decision. The setup: insurance pricing has shifted from portfolio-average to property-specific risk (FEMA's Risk Rating 2.0 and ASCE/SEI 24-24, both 2025), so the spec sheet now drives insurability and the cap rate. Working on a modeled 120-unit coastal multifamily deal, Wolf compares a code-minimum envelope with an above-code FORTIFIED-equivalent one that costs about 3% more. The Alabama-specific economics are real: a 20–55% discount off the wind portion of insurance, a $10,000 Strengthen Alabama Homes grant, and a $3,000 tax deduction — plus documented performance (FORTIFIED roofs took 63% less damage in Hurricane Sally). Run through a seven-line underwriting checklist and the CRDF Deal Stress Test, the resilient spec turns a $900,000 cost into roughly a $4.3 million exit swing — but only where local code lags the hazard. The takeaway: specify the hazard, and underwrite to the code gap. Ships with a public and internal CRDF Deal Stress Test built on the exact scenario.\nEpisode Summary\nInsurance now prices to the individual structure, turning the spec sheet into a financing and insurability gate. Using a modeled coastal multifamily deal and Alabama's FORTIFIED economics, this brief shows when an above-code resilient envelope pencils — and gives a seven-line underwriting checklist to prove it. The discipline: buy resilience where local code lags the peril, because that gap is where it converts into a cap-rate advantage.\nKey Takeaways\nInsurance has moved to property-specific pricing (FEMA Risk Rating 2.0; ASCE/SEI 24-24, both 2025), so a property's code tier is becoming a test of financing and insurability.\nAlabama-specific FORTIFIED economics (do not generalize): 20–55% off the wind portion of insurance, a $10,000...","thumbnail_url":"https://img.transistorcdn.com/edaVSiW7TDXFb72yvtrmHy0LDmwIgx2BDQFH-qalgqw/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9hNmVk/NWUyYzI0MzJhN2Uz/YmQ4MTIxNmRlY2Yz/MzA2ZC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}