Your homeowner's insurance will likely come with some level if liability coverage, but some cap at $300k or $500k.

Of course the ratios are not comprehensive analysis but more like quick ways to rule out duds.

There should also be a pool, clubhouse, a fancy front entrance etc.I'm ok with paying $180 a month for all of that.For my houses, i pay from $40 a month in a golf course community to $200 a month in a really nice plain subdivision and all i get for those is fancy front entrance, community pool and clubhouse.And every 7 years i get to pay $4500 for exterior maintenance and every 18-20a new roof $5000 (i'm a buy n hold investor). and yardwork here if i want to include it in the rent = $180 a month for 9 mos of the year.So i used to never buy condos, but as RE increase in price here... the condo price points and full coverage HOAs are looking pretty good to me. ( yes i know about the infrequent added project collections-- but those too are usually spread out payments over at least a year).

The rate and coverage is far better then anything I have found. 

All good intentions aside - if the house burns down and you have $150k in coverage and it actually cost double or triple that to rebuild the building then chances are you are not going to continue to repay the loan on a burnt down building.

There are, however, options that only entail debt coverage calculations for income or no incone verufucation at all.

I got coverage at closing, but I'm not satisfied with this company and am doing research to find others.

I also thought the Wyoming CAFR (comprehensive annual financial report) might be interesting to read https://drive.google.com/file/d/0B78Yf4yTSYVYcWtQa...If you go to page 42, you can see the difference between the revenues and expenditures ending June 2016 for the general fund.  

Is there insurance coverage to cover legal fees in this situation?

@Ceasar Rosas Builders Risk covers claims to the building.More importantly, you want to get General Liability coverage for $1M.