Personally I push for at least $1MM liability coverage.

I didn't get an LLC but got an umbrella policy and talked with my insurance agent about the amount of coverage on the home. 

I would add that this is a geat time to reassess not only insurance coverage but any recurring expense as well as maintenance needs.

Typically I am seeing investors put down 30-40% to break even or cash flow a bit, so that is about the same as your 80% coverage ratio. 

What is a storm rips through and trashes the roof, BUT the condo project does not have enough insurance coverage to fix it, the value of the all the units in the project just went down. or, even if they are able to fix it but  the coverage premium doubles so the HOA has to double the monthly HOA dues but half the complex can not afford it? 

My main advice for avoiding liability is: (1) work with a great insurance broker to get comprehensive coverage; (2) avoid signing full recourse personal guarantees whenever possible; (3) max out your 401(k) or defined benefit plan with ERISA protection; and (4) strive to reach a point where you’re not personally involved in the business’s day-to-day operations.Disclaimer: While I’m a licensed attorney, I’m not your attorney.

Refinancing loans with a focus on Debt Service Coverage Ratio (DSCR) can be a strategic decision for businesses.

Who would you recommend I contact to get coverage?

I would contact my agent IMMEDIATELY to make sure they know that and to make sure I currently *really* have the coverage I think I do. 

Any special caveats to include/exclude in the insurance coverage as its a rental property?