I am under contract for my first property- 210K- 2/2 condo in Decatur, GA and looking for a general consensus on what to include in my property insurance coverage.Aside from personal property and family liability protection, the agent mentioned the regular coverage for building property is 20% of purchase price.Quote includes: Building property 45,000; Loss Assessments 25,000; Building Codes 20%. 

I'm sure this answer also changes as you grow your business but as a newbie with just a few rentals what is the best way to protect your personal property in case of a lawsuit.

Not only should this be done to protect yourself on the liability front some states (Texas for example) require it.   

If so, am I still able to put a contingency period in the contract to protect myself and give me an out if needed? 

COVID only protects for non-payment of rent. 

Just having the vacant contingency in your contract should protect your EMD.

In any action with respect to this Lease, the Parties are free to pursue any legal remedies at law or in equity and the prevailing Party in litigation shall be entitled to collect reasonable attorney fees and costs from the non-prevailing Party as ordered by a court of competent jurisdiction"I think this should protect me.

Just legally wondering what protects landlord/tenet regarding this.

Else the protection your LLCs provide is out the window.

People on BP love LLC vesting because someone convinced them for a fee $ it will protect you from harm.