The rate will be slightly higher or lower depending on the area and the coverage amount.

We are working with the closing's title company - they are reputable and we have an open line of communication with them, and the listing agent, seller's lawyer, and the reputable title company have told us it's clear there are no liens - to make sure we are sufficiently insured in the title insurance, to make sure the title policy has coverage without any of the liens exceptions listed on auction.com:"Most liens are removed after a foreclosure property sale, but certain liens may remain.Here are some examples:Any lien recorded on title prior in time to the foreclosing mortgage.First Mortgage (if the foreclosing mortgage is a second or third mortgage)HOA or COA assessment liens (in certain states)Mechanic’s Liens (in some states)Government liens such as state and federal tax liens, city or county liens, US Government liens.IRS liens (IRS may buy the property within 120 days after sale at the price paid at foreclosure sale)Code Enforcement Liens, Environmental Liens, and Utility LiensChild Support Liens"Is this the right approach for bank-owned?

You will have to balance their LTV and the cash flow coverage requirements (DSC).The key is income.

We are so incredibly new but ready to learn all we can to help supplement our income and eventually be able to live off the passive income and not worry about a thing. 

Debt Service Ratio or debt service coverage is your mortgage payment divided by net operating income (NOI/ payment).  

As I am shopping for insurance, I can't help but ask myself, "what is adequate coverage for my owner occupied, 3 family home?".

They required personal finance statements and 3 years of tax returns to start as well as an analysis of the operations of the building, which came out favorably (1.66X debt service coverage, I think the target is 1.25).

So we are ramping up to make our next purchase hopefully in the next 6 months.My goal is to at least supplement my retirement with rental properties, but would love to be able to someday get into investing full time and stop working for the man.

Your Contractor should carry both General Liability Insurance to protect your property against damages, and Worker's Compensation insurance to protect you in the event that a worker is badly injured on your jobsite.Before you start construction ask your Contractor to provide a valid, up-to-date Certificate of Insurance that indicates the coverage that they are carrying for their business.

@Glenn Primack I would assert that without knowing the coverage terms and carrier quality we can't know if the policy is a good deal or not; all we know is that it is a cheap price!