Insurance for Rental Question

[Stephanie Knight]

I have an accepted offer and need to get insurance now. It will be a long term rental. I have reached out to several firms and the first one came back with a very high cost. I didn't give them much to work with other than the address, and my purchase price. I really didn't know what to ask for. I can live with a higher deductible, but I need to understand how much coverage makes sense.

Some info. Fuquay Varina, NC (not coastal). Single Family 3/2 Home; property valuation per county at 267 (likely a little high). House is 20 years old (and I will be replacing the roof).

Insurer quoted (with limits shown) below. Would like some opinions on these limits of coverage. Thanks for taking a look and offering thoughts. I need to nail down insurance this week. 

Replacement value of 267K (this seems high given that the land is probably 80K)

Personal Property 3K (appliances)

Bed Bug Infestation (do i have to/should I have that?) 5K

HOA Fines Coverages (there is no HOA; this can be removed) 1K

Limited Theft 3K

Ordinance or Law 26.7K (?? do I have to/should I have that?)

Vandalism or Malicious Mischief 267K (????? what is this)

Water Backup and sump overflow (10K)

Premises Liability 1MM per occurrence 2 MM aggregate (this seems high; but then again I carry an umbrella on my own home; so maybe this is right given I can't control who goes in and out of the rental besides my tenant)

Medical Payments 1000 per person/25000 per occurrencee

[Stephanie Knight]

Great info all. I appreciate the reviews and tips as I'm never afraid to learn something new; and this is ALL new!