How much insurance do I need for my rental property?

[Stacy Howdeshell]

I am buying my first rental property and want to know how much insurance I should get for it?  Do I go with the basic plan, or should I add loss of rents and possibly an umbrella policy? What about flood insurance?  Do I need that if my property is in a low risk area?  I am a brand new investor and could use all the help I can get.  Thanks!