Significant insurance coverage now and llc later if you are going to finance.

I am planning on having standard home insurance with a general liability coverage of 1mil.

From a tax perspective, the contracts and setup could impact how much you pay.A good Independent Agent who is familiar with construction can help with the decision on what coverage you need, what can be piggy backed on the builders insurance, and how to make sure that coverage does not lapse.

He got us policies with Travelers, and the quotes were much better while the coverage was higher to boot.

Cap rates, debt coverage ratios, ROI, NOI, these are my decision masters.

Also you may want to consult with a property manager or attorney to ensure your lease is comprehensive.

I am trying to acquire a personal umbrella coverage.

Depending on the company you will probably have to rewrite the coverage to a"Dwelling Fire" form (some companies call it a Landlord policy).

Does anyone have a comprehensive contract template that I could use for both parties so everyone is covered?

My first flips were done in my name and I added them to a home insurance policy for like $25/year per property for coverage!!