I am not a fan of the old school traps with the metal catch mechanism as I've had too many incidents where they didn't go off and the peanut butter has been eaten. 

I take every potential tenant on an individual case by case incident and evaluate if I believe they will be good for our properties, other tenants  that reside their, daily dealings, paying rent, etc etc. 

Per Occurrence Limit (Limit per incident)3.

It's also harder to find investment property HELOCs and terms have worsened for borrowers because of incidents like Silicon Valley Bank and Signature Bank failing which makes the market nervous.

These are all front end coverages that will protect you from incidents that occur on your rental property.

If a tenant is living paycheck-to-paycheck and one incident derails their life, that's a major risk and not one you want to deal with.

After 2 more incidences of him not returning my call nor calling when he said he would and multiple delay texts I had to tell him for my first deal I couldn't partner with someone who was not properly communicating with me. 

They have asked us if we have any type of insurance that would cover any incident if my wife and I or any cleaner or handyman that we hire were to be injured on the property.   

These "vacant" lots have houses on them that have been all but destroyed by fire or storms or some other tragic incident. 

Get an insurance adjuster on the scene and report the incident to the police.