I deal with more protection for my business since I'm a contractor but this seems a bit overkill.Carrier: ScottsdaleSix-Month Premium: $1179.5625% minimum earned premiumCoverages & Limits:Commercial Property: $125,000 Building Limit – Special Form excluding theft; $2,500 deductible; Replacement Cost Coverage; 80% CoinsuranceCommercial General Liability:$1,000,000 each occurrence; $2,000,000 aggregate limitProducts-Completed Operations Excluded; Designated Premises/Project Limitation included.Conditions: All subs must carry equal or greater limits of liability naming insured as Additional Insured, hold harmless contract in favor of insured, with Certificates of Insurance.Thank you in advance for your consideration.

Will give a call for your insurance company and compare the coverage and cost.

As far as the Umbrella policy goes you should look at an Umbrella Policy as "excess liability" or "secondary coverage" meaning the underlying policy (home or auto) pays first in a claim situation and if the claim exceeds the limits of the underlying policy THEN the Umbrella kicks in.There are companies that will sell you an Umbrella policy without requiring you to buy another policy from them ...but...they still want to verify your underlying coverage on the home and autos.Geico is an Auto insurance company first - they broker out the homeowners policy to other companies which is why you may not be getting good advice from them...plus it's an 800# and the kid you are talking to may not have any real world experience in what you are trying to do so can't think of any solutions.Try reaching out to a local independent agent or a Farmers agent - Farmers has options to put all but one of your autos in "storage mode", and should be able to combo that with your home as a landlord policy thru Foremost then set up an Umbrella policy for you on the entire package.

I have been informed that I have 30 days to find a new policy or I will lose coverage.

That type of policy provides Liability coverage that takes over if the limits of your home, auto, or in this case dwelling/fire policy get exhausted. 

I obtained quotes for "builder's risk" coverage to cover the property while it is vacant and under rennovation.  

I would make sure the daycare operation will not impact your current coverage. 

A conventional lender will want to see that the property is cash flowing, probably with 1.2 DSCR (debt service coverage ratio) and an appraisal that shows you have about 20% equity (each lender will have different criteria).

Additional variance(s) would be needed should the Owner wish to propose a building that exceeds 70% site coverage, which would be a building longer than 42’ in length.Construction DocumentsConstruction documentation will consist of drawings that are assembled for: local permitting, sub-contractor pricing, and construction directive.

Ask your Title Company what their policy is regarding coverage when Quit Claiming.