Should tenants have renters insurance?

I am hoping to get some guidance on my current revenue/expense assumptions:Rent / Purchase Price -> 1.0% to 1.1% (model set-up for varying ranges)Vacancy Rate -> 0 to 10% (model set-up for varying ranges) Property Tax -> ~2.5% (looking at Tarrant County property site for reference)Insurance -> ~0.9% (based on my personal residence)Property Mgmt.

If you want good long term, stable cash flow, I would look at midwest markets like Kansas City and Indianapolis. 

Make sure you add your entity name to your insurance policy

Also, on flood insurance, i'm finding quotes ranging from $600/yr to $1,500/yr but not clear how that works within the different flood zones and asset types. 

@Tanner Gregurich @Bob Rubenking @Chase Keller  Any recommendations for Insurance companies for Iowa rentals? 

We have two good and stable jobs and I also own a business.

Is the taxes and insurance escrowed?

And refinancing the FHA loan would allow me to get rid of PMI insurance which would help cash flow.

Why Invest in Colombia with such poor returns and so far from your home , in an not stable political climate when you can  easily  invest in the best Latin American Real Estate market, in Mexico, especially in Playa del Carmen , Quintana Roo State, Mayan Riviera ?