Yes, I require renters insurance.

These are done between the buyer (you) and Seller.The situation that is most common to find these properties are in a foreclosure proceeding, or pre-foreclosure. 

Make an insurance claim and buy all new stuff.

Hoping that someone could provide some guidance on this so I can decide how to proceed?

Some people will say, "Take out a quality Insurance Policy and you will be protected."

Also, for anyone who considered it but chose not to proceed, what made you decide against it?

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

As Shawn mentioned above insurance is going to be a HUGE deal in Gainesville as well as HOA's.

The won't insure you or they will jack up the price considerably. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).