As far as the insurance claims, I've had many. 

Property taxes are 650, insurance 160, outsourced property management takes 10% of the rent, and another 10% of the rent is set aside each month for future repairs. 3750 x 0.8 = 3000. $3000 profit, minus about $2300 in mortgage, property taxes and insurance leaves about $700 cashflow, when I move out.

.: Quote from @Andrew Steffens: Curious what is the purchase price and taxes/insurance/HOA?

You'll want to ask about their experience, read reviews, understand their availability, pricing, insurance / bonding, and how they safeguard their funds. 

I was studying the market and my rent will be just enough to cover the mortgage and HOA fee now I might to pay out of pocket for insurance but don't want to sell it yet because the area is growing and might have good appreciation in the years that follow.

Keep systems in place for managing documents and contracts.6.

I generally prefer higher since I don’t plan on putting in small claims, it’s basically just for catastrophic loses and the savings in premiums over multpiple properties for multiple years should balance that out if I have ever have to use the insurance.

We have until noon tomorrow to get a quote on flood insurance and withdraw our offer if we wish.

I had to have an awkward conversation with my favorite realtor when their broker suggested everyone had to pay a $700 “document fee” on every sale.

New construction properties can qualify for significant insurance discounts, but otherwise, I generally expect insurance in this area to run a little over 1% of the property’s value if it’s in decent condition.Feel free to DM me if you’d like a good insurance contact to shop around for a better rate.