In Canada all you need is adequate insurance coverage anything more is just for show, unnecessary and costly.Even in the US for small investors it is a misconception that it actually adds any value or protection.

Coverage varies based on size, age and location, but generally 50-80% of damages.

My experience with associations and insurance has been that the homeowner's carrier tends to look to the association's carrier for coverage or vice versa.

You can get $5M of coverage for roughly $1,000/yr.  

Save as much cash as possible Because the bank will be comparing your assets to Debts (net worth) and then calculating your post-expenses income to debt ratio (Debt service coverage ratio).

In addition to cash in cash returns and capital gains at sale, I also look at the debt coverage ratio to see if the property can support its debt service in these scenarios.  

And, I am researching for an affordable second phone service(and phone) with good coverage, strictly for wholesaling.

I would make sure your insurance quote includes additional fire coverage.

In general would you say that 30% equity coverage is "safe" on a loan of $200k or above and, if not, would you mind breaking down how and why that equity gets eaten up to the point that you don't see all of your capital returned?

I would check what your lenders requirements are for insurance just to make sure the coverage is correct.