Dwelling Insurance Limits on Townhome Rentals

[Adam LeMay]

Hello, hoping someone can chime in regarding my questions below.

I currently own 4 rental properties all of which are townhomes in the same city in MN.  Their current values are as follows:  $215k, $155k, $140k and $140k.  

My question is, what type of limits should I have on these dwelling policies for Coverage A (Condo Unit) and Coverage C (Personal Property)?  My personal property on each of the premises includes all appliances (Stove, fridge, dishwasher, furnace, water heater, ac, water softener).  Other than that I do not have any other personal property on the premises.  Are there other personal property items that I am leaving out that I should know about outside of the items mentioned.

The reason that I am asking this question is because my HOA covers the exterior maintenance on these properties (siding, roof, etc.) but what do they cover (or what would they replace/rebuild) in the event of a fire, major water damage, etc? I have been told that I am responsible for everything on the interior of the property inside the studs but I have a hard time believing that the HOA wouldn't be responsible for rebuilding the property if there was a fire or major water damage. Would they not rebuild anything? Would they only frame and sheet rock and I'd be responsible for everything else (cabinets, counter tops, flooring, bathroom furnishings, mud/taping/pain, trim)?

Right now I have a $50k limit on Coverage A (Condo Unit) and a $12,500 limit on Coverage C (Personal Property). Is this enough given what they are worth?

Lastly, I have Liability limits of $500k on all properties plus they are covered with an additional $1 million umbrella policy.  Is this enough umbrella coverage?

Thanks,

Adam