I would caution on having a high deductible / inadequate coverage policy with a property in Athens.Dan, a comment you made that I don't concur with is the cap ex on a new build of 300/month, unless it was a low quality builder (I have no idea who the builder on this property is). 

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I would look at their policies and make sure both the coverage and deductibles meet your needs. 

Of course I can increase deductibles or otherwise decrease coverage, but that is only putting off the inevitable expensive insurance claim.

Absolutely.If a landlord is listed as additional insured (rather than additional interest) they cannot make a claim against one another's liability policy for damages - it could completely jeopardize the coverage they think they're making it easier to get. 

When there is a sum of money in the bank, I’d rather buy another property than pay for fire damage, and I’m happier with the insurance coverage.  

For rentals in an LLC, most lenders look at the cash flow of the property (aka DSC Ratio: Debt Service  Coverage) and your credit score rather than your personal income.

You'll want to have an insurance agent familiar with rentals since a lot of the extras on your coverage that you will want, the average insurance agent won't know to give you. 

This gives them the same protection and coverage under your policy as you have as the primary policyholder.

Did you keep some coverage in case of major lawsuits?