When owning a vacation rental, the biggest financial risks to you are from fire, water, and liability.A solid overnight rental insurance policy will cover you for all of these risks.

.#2) You can, and should always, vet the financial stability of any insurance carrier on A.M.

Should I be laying out all my financials right then and there? 

However, consider that your partner is taking on significant financial risk.

Here on the Oregon Coast, I would attest to that accuracy based on the review of hundreds of financial statements for active oregon coast vacation rentals and the performance of nearly two dozen STR investors and operators we've helped acquire properties within the past three years. 

Reasons were many, but financially speaking, I had received a growth opportunity from my employer in exchange that I relocate to another part of the country.

Financial Perspective DSCR: Assesses the property’s financial stability from a lender's perspective.

If you feel overwhelmed, consider seeking professional help from a financial advisor for personalized guidance.

Partnerships or SyndicationsPartnering with other investors could help with the down payment and lower your financial risk.

I do think you are putting too much thought into weather, I would be more focused on ROI's and other financial metrics IMOGood luck!