Without predictability on insurability and risk of the primary collateral being destroyed (which at this point theoretically could happen anywhere) as it’s January, and would you believe in 2023 that 71K thousand square miles of northern Canada burned 5% of the entire Canadian forest with billions in damages? 

If you have casued damages since move in please let me know which those are and I will get you a quote.

And they’ve cost me alone well over $30k in damages and lost rent thanks to their complete negligence.

They will cover your damages only.

Quote from @Chris Seveney: @Charlene Kingsnorth have you had an sec attorney also review what you are doing as if you're are having multiple people as part of a loan participating in it depending on the state this could get you in hot water - so be careful  good point Chris some state allow fractionalized deed of Trust mortgages other do not or require PPM like documents prior to offering them..

But ultimately the responsibility lies in my hands.I jumped on a seesaw of risk hoping that the momentum would catapult my bank account into six figures only to find out the hard way that flipping houses isn’t as easy as I had predicted.This house was purchased for $64,000 with an expected rehab of $100k to $120k depending on how much work the dilapidated and neglected house needed.The midwest is lovely but the houses carry the weight of weather storms nearly a century old leading to more damage than a beginning investor could expect.The appraisal came in at $225k for my lender meaning our all-in cost would be around 85% of the sales price worst case.

Insurance protects your property from paying out of pocket for damage, plain and simple.

Quote from @Michael Smythe: @Zachary YoungRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

With that in mind, you'd also have to make sure the land you'd buy has water and electric running to it already.

Umbrella Policies are good, but they are not an asset protection tool, they only cover litigation/damages after you’re already in litigation or found personally liable.