Not sure who you're using but I have a mix of State farm & Foremost policies, State farm for me is about 30-40% less with very similar coverage (deductible is slightly higher & they don't cover flood damage).

Plenty of the terms are (somewhat) negotiable depending on the borrower, LTV, debt service coverage, collateral, etc. 

Insurance is one of those things where you really have to understand it to compare apples to apples (i.e. same coverage/service to same coverage/service). 

That will get you the proper coverage and you will know the correct costs from the start.

require $500,000 liability coverage for your STRprohibition of renting out a tent on your land or a recreational vehicle on your landI've only skimmed through it.

They can shop many companies and can find exactly the right coverage for you. 

As to the income, many people on here can attest that it's actually not hard to live on $50k when you have no mortgage, no car payments, no other debt, you have health coverage, low taxes, etc, and fortunately that number goes to $60k next year without considering any other cash flow (purchase of rentals, may pick up part time work myself for extra savings, etc.).

I dump all mine  into a umbrella policy , very cheap around 400 a year for S.F.H houses and cars  .You will have to up your coverage on your cars when you buy a umbrella .

If he had full coverage his auto insurance would have covered it but it was an older vehicle and he only had liability.

Any decent contractor that has 1m coverage per insurance class will qualify.