This is a good topic. A couple things one should keep in mind when insuring a rental property:
1. Make sure it is rental property insurance. There’s extra liability in owning a rental property. Regular home owners insurance doesn’t cut it.
2. Make sure the liability amounts are sufficient. If there’s a fire, and a tenant gets hurt, you can believe an attorney is going to be going after the property.
3. Make sure there is coverage for loss of rents. A prolonged vacancy due to repairs can be painful if you’ve got a mortgage.
4. Include a provision in your lease that tenants have to get renters insurance. That helps cover some of the liability if something happens.
These are just my thoughts, I’d be interested to see if there’s what an insurance agent thinks about this.