Hi Marc - Aircover offers some protection for damages caused by guests, but it’s limited and doesn’t replace having dedicated STR insurance.

I guarantee your life would be so much better if you removed her and replaced her with a good renter.Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO.

I already have 2 loans on the property with great interest rates that I'm not looking to replace.

I am going to see if I can switch to a local Wisconsin insurance that reflects our local risk level in their premiums.Many of the homes in the Pacific Palisades are 3-5 million, but when you look on Google Street View, most are very modest homes from the 1960s (there are some $20m ultra luxury mansions too), so a lot is the land value, the home replacement value on a 1600sqft may be what - 500k at the most?

Things wear out over time, require updating, upgrading, replacement etc..

If you remodeled, added a room, replaced a roof, painted, boosted the curb appeal, etc. that's a different story.

Same with a refrigerator replacement, HVAC system repairs, etc.So, I am back to echoing Jaycee: first, don't be discouraged because someone else says to avoid a part of town.  

Planned energy-efficient HVAC installations will replace outdated ceramic heaters, reducing tenant utility costs, lowering insurance premiums, and qualifying for utility reimbursement programs—a win-win for tenants and investors alike.Inflation HedgeReal estate is historically a strong hedge against inflation.

Just replace and move on. install lights. 

Financial freedom isn't simply about replacing your current income, because inflation continuously drives up prices, making a fixed income insufficient to maintain your standard of living.