It was purchased from MLS as a long term buy and hold rental.

No amount of insurance covers the personal loss.2.

Hi Pegah, consider this -renters insurance may not be available at all during the entire time they lease from you.  

Things have to get much worse for insurance rates to continue to grow at 10-15% annually in perpetuity.  

I just learned that builders risk and liability insurance coverage can cease once a CO is issued for a new build.

@Vincent WeselakIt’s a good idea to get an estimate for your insurance costs upfront since this can vary based on the property type and location, and it’s a key factor in evaluating your cash flow. 

I understand that I need to account for taxes, insurance, and other costs—Should I go with a LML and then do a refi later on?  

It’s time to look into home owners/rental insurance.

I also assume you have homeowners insurance rather than landlord policy which is invalid if you’re not living there.

If I paid cash for this property, the HOA + Insurance + taxes is around $500 / month.