In certain cases due to certain NFIP rules, the carrier will even issue pro-rated refunds back to the policy holder.

There are times when you simply trust your agent to do everything, so they set up a cheap policy, without the policy holder knowing the specifics... bad move!

Does that generally mean that the insurance company will only pay up to the dwelling amount to rebuild the home, and anything past that the policy holder has to pay? 

From what I understand, a PUP protects the policyholder rather than the property itself so it should work.

It is a better coverage for the policy holder than "Actual Cash Value" (ACV).

The link below from State Farm website says that part of renters insurance is liability which covers property the policy holder (the tenant) damages that does not belong to the tenant (it gives the example of throwing a ball through a glass window).  

If the home owner's name does not match the policy holder's name, the insurance company will not pay out should the unforeseen occur.No, you can't buy insurance in your name because you are currently not living there, unless you plan on lying to the insurance company.

@Hideyuki GojimaI would tend to agree with you on the insurance side when it comes to a claim filed by the policy holder. 

My agent in Florida informed me that Universal Insurance Company of North America isn't renewing my policy for an Orlando rental property, which is apparently what they are doing for a lot of policyholders this year.

An AOB is basically when a contractor can step into the shoes of the policyholder and deals directly with the insurance company as if they were the policyholder with all the same policy rights and benefits available to them.