Insurance question for a rehab

[Dan Miller]

I am about to purchase my first rehab property (hiring out all the work though, not doing it myself), and I have a few basic insurance questions:

1) Is there a difference b/w builders risk and vacant property insurance? If so, what does each do and do I need both?

2) Do I need some sort of theft insurance for once we put in new appliances and HVAC?

3) Do I insure property for purchase+rehab ($130k) or ARV ($200k)?

As you can see I'm a real novice, so any help on these general topics would be very useful. Thanks!

Dan