It is a better coverage for the policy holder than "Actual Cash Value" (ACV).  

Another thing to consider regarding the interest you are paying to the insurance company is that as a policy holder of a mutual company, you are an owner. 

All 50 states include language in their insurance statutes that require insurance companies to make loans to their policy holders secured by the cash value of those policies.

This is never getting any better.The OP is the sole owner of the property and should be the policy holder, not the additional insured.

Let us know what your policy holder rep is saying and what action they are planning for recovering the repair funds from other policy.

My father in law was a Met Life agent for 51 years and he told me he liked to check in with policy holders spouses and see how they were doing, and would invite many over to dinner.

Thanks @Daria B.Yup, same language as the bank has if you cxl insurance on your mortgaged residence...regarding the tenant, it's a notification clause that identifies you as an interested party, but not obligated to pay the insurance or responsible for any of the happenings, just that if they lapse, you get a notification as well as the policy holder. 

My understanding is an umbrella policy only covers policies with the same policy holder.

Most insurance companies have a formula that has numbers far higher than necessary and will not allow the policy holder to lower the numbers.

On 3-18-20, the CA dept of insurance issued a notice requesting all insurance companies offer their policyholders at least 60 day grace periods to pay their premiums.