However, due to rising insurance and tax costs, I'm starting to feel the financial pinch as the tenant currently pays rent 60% below the market average.My long-term goal is to acquire more properties, and I've considered doing a cash-out refinance to access equity for reinvestment.

You may save a few thousand dollars going this route, but may lose a few hundred thousand dollars if you are not dialing in on your strategy and numbers. 

Prices are through the roof, Insurance cost have skyrocketed, maintenance cost are up a lot, taxes.

What is on the insurance application that you signed? 

@Chungying ChuIf you want more liability coverage, ask your insurance company if you can increase it.

I would get the insurance in my trust name.

- Why didn't the contractor's insurance cover this?

If your estimated rent from a property pays off the Mortgage + Maintenance + Property Tax + Insurance.

Those can indicate poor management, deferred maintenance, difficult and expensive upkeep like ocean front which will bring up issues with rising oceans, insurance, and hurricanes. 

How bad is the insurance, how high are the property taxes, is there an Hoa, etc etc.