Triplex with 1 tenant

[John Moon]

I have a triplex that I am pursuing. One unit is occupied and the other 2 units need rehab (1 major, 1 minor). I'm trying to figure out what would be the best way to insure this.

I've gotten a quote, but they're charging 2600 (property coverage up to 300k, and liability coverage is 2million).

My question is, do I need liability coverage? Wouldn't that be something the contractor has? Also, I don't believe the property is even worth 300k. Can i ask them to lower the price with a lower coverage?

Thank you for the help! The community is awesome here!