I have a few dozen rental homes, and I've found that the only master umbrella liability policies my agent can find now require $1 million underlying liability coverage on the landlord policies.

Just make sure you take your policy to the brokers so they can do a direct comparison.Maybe hit up your primary home insurer to see if they offer a STR policy.

I believe solid insurance and a good umbrella policy will suffice.

Or do I need to do it strictly as an investment property? 

Then the tenant should be required to add you as "Additional Insured" which protects you under their policy.

The landlord should be named on the tenant's insurance policy for additional protection and to assist with tracking compliance.

Yea this is a long-term personal play more than a strict STR deal. 

Looking my insurance policy it mentions that I can opt for settlement under Actual Cash Value vs Replacement Cost. 

And the laws and regulations here are very different, not very strict like the states.Prices are high and rents are low over here.

While there's no strict requirement to match the original mortgage terms, reinvesting the full proceeds without financing or using leverage to enhance returns is key.If you don't reinvest the full amount, any shortfall ("boot") will be subject to capital gains tax, and depreciation recapture may apply.This post does not create a CPA-Client relationship.