For example, Finance of America has their own calculation for debt coverage that may limit the amount of leverage they will lend to.Best of luckStephanie

If title is not in your name, then you need not worry about liability but if it's vacant will want to get that coverage as well.   

The insurance cost came in around $235 per month for insurance that would pay replacement cost OR the agent also offered ACV coverage which I understand to be paid out as the cost of the item at the time for $177 per month. 

They may have posts about where to get coverage.You should check to see if your policy excludes coverage for the breed or if they will just cancel the policy if a tenant has one.  

I know these worlds pretty well and I beleive that I can help others with coverage/policy/estimating questions.

Typically, the same applies to LLCs where you and your spouse are sole members.Actual Lenders Title Insurance states;CONTINUATION OF INSURANCEThe coverage of this policy shall continue in force as of Date of Policy in favor of an Insured after acquisition of the Title by an Insured or after conveyance by an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title.

@Ray HarrellCould physical damages be covered through the “liability” portion of their coverage?

In these parts we cannot include a survey exception for lenders coverage even if a survey was not undertaken (and access is a covered risk).

That being said, there are reasons you may want to hire an adjuster such as, not being able to meet with the insurance company adjusters, not being familiar with the coverage, not being familiar with the reconstruction process.On the claim process in general, gather what documentation you can on the items damaged or the parts of the house damaged.  

I've been reading insurance is the main issue with having a unit like this, as they can void all coverage.