Insurance options - would like your opinion

[Jeff L.]

I'm going for an Actual Cash Value policy instead of Replacement Cost.

1) Should I get the loss of rent option? Not sure how valuable this is.

2) The basic policy doesn't cover water damage. Is water damage coverage a must? It'll cost more.

3) How much liability coverage do you prefer to get?

4) Do you require your tenants to get renter's insurance?