Bowman Station is a well-built, growing-income asset that's currently running its insurance line thin relative to its market — a fresh quote priced at replacement cost has real room to move up from what they're paying today.

Physical basis and construction. Bowman Station is a 2018-built, 3-story garden low-rise — 240 units, 289,920 rentable sq ft (1,208 sf/unit average) — built with wood frame (Type V, unspecified) construction 1, the most fire-rate-sensitive class in the book and the single biggest driver of whatever a carrier prices here. The offsetting physical positive: it sits in FEMA Zone X, meaning minimal flood exposure 1 — no flood peril loading needed on this one.

Replacement cost basis. There's no appraisal RCN in the data, so I built it from current wood-frame garden-style hard-cost benchmarks for a secondary Southeast market ($125–$160/sf) 2: $36.2M–$46.4M, or roughly $151K–$193K per unit 3. That brackets sensibly against the property's own history — the 2022 sale priced building value (ex-land) at ~$193K/unit at the top of the range, while the tax-assessed improvement value ($8.18M, just $34K/unit) sits far below RCN, as assessed values typically do — it's not a substitute for a replacement-cost figure and would badly under-insure the asset if used as the basis 3.

Current insurance expense — the flag. They're paying $110,782/year: 2.29% of EGI, $462/unit, $0.38/sq ft 1. Against the Macon MSA multifamily benchmark of 5.00% of EGI (a 62-property sample) 4, that's less than half — pricing at the market benchmark would put the expense closer to $242K, a swing of roughly $131K 3. Framed as a rate, $110,782 against a $36–46M replacement basis implies only ~$0.24–$0.31 per $100 of insured value 3 — thin for a Type V wood-frame garden asset even accounting for the inland-Georgia location's lighter cat exposure (no coastal wind, no flood). Whatever program is on this today either reflects a legacy multi-year rate lock, a blanket/portfolio placement absorbing some of the true cost elsewhere, or a limit that hasn't kept pace with post-2020 construction-cost inflation. Any of those should be assumed not to hold on a fresh quote.

Tenant financial profile — favorable, and improving. Bowman Station's renters clear a $73,934 median household income, about 18% above the Macon MSA median of $62,798 56, and that income is growing fast — up 9.1% over the trailing 12 months, in the 85th percentile vs. the MSA and 91st vs. the nation 5. Their wealth-resources tier reads far above average relative to the MSA's multifamily renter base 5, and rent-to-income sits at a healthy 24.2% — about average and comfortably under the 30% cost-burden line 5. That's a tenant base with room to absorb rent (and by extension, expense pass-through) without stress — a credit-positive for loss-of-rents and habitability-claim exposure alike. The one soft spot: a mobility score of 8.1 versus a broader-portfolio average near 15 5 points to a higher-turnover resident base than typical — more move-in/move-out cycles, which modestly raises vacant-unit and turn-related loss frequency, though nothing that overrides the income/wealth read.

Bottom line for the quote. This is a good risk on the fundamentals — new (2018) construction, no flood exposure, a tenant base with above-market and rising income — but it's a wood-frame risk currently priced well under what comparable Macon-market multifamily carries, and likely under true replacement cost. I'd quote to the replacement-cost basis (not the assessed or legacy-premium basis) and expect to land meaningfully above their current $110,782, converging toward the ~5% of EGI / ~$240K market benchmark rather than treating their existing premium as the anchor.