Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.

These penalties can vary depending on the loan structure and the lender's terms.

If the property does not require an extensive rehab and just needs cosmetic repairs then a standard landlord dwelling policy in most cases depending on the carrier.

But it just depends on your risk threshold and how much you're looking to spend.  

Quote from @Unal Baris Kancoglu: Quote from @Corby Goade: Depends on the area and type of system you want.

- Does this answer change/depend based on my current tenant's wishes? 

I think this totally depends on the investor and how many projects they are doing in a given year.

Taxes depend on the gains from the insurance payout and sale relative to your adjusted basis.

So your answer depends on lien priority, and you are advised to learn which liens rank higher and lower in priority (and why); that is beyond what I intended  to post here.The prothonotary should have some way to indicate a lien’s status - whether it is open or satisfied or discharged.

Although it depends n your budgets and expectations. $430 could be chicken feed to you.How big are your pockets lol.Obviously you want them to get bigger!