However, insurance is limited because it only protects you from one type of liability: accidents/negligence.

Cost will be nearly negligible and any added value will be helpful.

If he burns the house down and you had prior knowledge of his negligence, your going to be the responsible party. 

The previous owner's negligence caused a massive overgrowth and thus damage to the fencing.

Let's say my appreciation is negligible and I'm basically flat - the economy hits the skids and I'm up for my first five years or so and then down for 5 years and I'm selling into a recession so my appreciation is nil.

However, there's a separate issue for you to consider ... since that report wasn't performed in your name, you have no legal recourse against that inspector should they have missed something due to their own negligence. 

Whether its wear and tear or tenant negligence, you'll want to have a reserve to pull from to cover your damages.

Years ago, I checked into it, and there are services that check for such compliance for you, and even write up annual meetings i.e. minutes of meetings  etc. though I'm not sure you have to actually hold one.OP is using it for anonymity, and in the rental business, when something happens, you got no one to call, and to me that makes for negligence and an insurance risk. 

If it is simply due to the prior owner being negligent, then the park might be a great opportunity for you. 

However, for some reason the landlord gets screwed in a lawsuit because the owner wasn't responsible for it's property.I had to google this last night but the reasoning is that you as the landlord let something that is "known to be dangerous" onto your property and then someone was harmed because of negligence by the owner.