Question about Escrow waiver and insurance

[Dhruva Venkatachallam]

Hi everyone, 

I'm closing on my first rental property purchase at the end of the month. It's a new construction in Princeton,TX. I had two questions to seasoned investors:

1. Should I waive the escrow requirement? Are there any benefits to it? There is a small fee I need to pay upfront during closing to waive. 

2. Should I first get a homeowner insurance and then swith to landlord insurance once I find tenants? Or get landlord insurance from day 1? Based on CMA I'm expecting atleast 30 days to find a tenant.

thanks for the advice!