Some carriers will cover over flow on the standard policy but you will need to add sewer and drain back up as an a-la-carte coverage.Example: Backed up clogged toilet = over flowA high water event in the city causing the drains to back up into your basement = reverse flowConfusing?

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

You can die there as well. 

It covers a ton of different reasons.Never had to file a claim.

From a lender and insurance standpoint, this is still treated as a rental until ownership actually transfers.Typically you would carry a landlord (dwelling) policy in your name to cover the structure and your liability, and the tenant would carry renters insurance for their personal property and liability.Even in a lease-to-own setup, most lenders and insurers do not want homeowners insurance in place once the property is tenant-occupied, and the tenant generally should not be insuring the structure.It’s also worth making sure the lease language is clear that ownership has not transferred yet, since that can affect how insurers and lenders view the risk

Are you planning on still living there in which case can you cover the extra HOA fees? 

Quote from @Bo Smith: One thing I'd add - look for courses that cover tenant screening protocols beyond just credit scores.

Our insurance covered it.

The issue I see is that a lot of operators try to squeeze the CapEx budget too tight and skip the tech entirely, just hoping the reserves will cover it. 

They only cover named perils like fire or lightning.