I've been seeing market corrections that people predict are catastrophic and many others who say it'll only be down 10-15%, who knows.I also read a couple of articles with real estate "market experts" mentioning they would advise homebuyers/investors to purchase properties anyway they can now just to get in the game (without being overleveraged) and then refi once there is a market correction.My question is, why would I refi during the next market correction?

I went through a similar catastrophe flip early on and taking it in the chin and keeping going is something I’m proud of. 

I'd like to find review info to decide which one to go with and I think it is a worthwhile investment to prevent a catastrophic water situation in a matter of a min or less.

Summary: "A small rounding of initial numbers can lead to catastrophic results of real estate analysis."

Just my personal opinion but no; I would only make a claim for a Catastrophic event and here's why:"insurance claims typically stay on a national property claim database called the Comprehensive Loss Underwriting Exchange (CLUE) for five to seven years."

It sounds like you are still welcome to get the inspection and back out if you find something catastrophic. 

Going forward, don't place a claim unless the damage is almost catastrophic.

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

And while there are plenty of success stories of people who self-manage, it is not a passive endeavor, you need to consider the following (and I consider these paths to success for PM companies and self-managers alike):1) Be available to address emergency situations 24/7: an unaddressed emergency can lead to catastrophic damages-make it easy for the tenant to reach you at any time2) Keep all of your accounting and books compartmentalized so you can take advantage of any and all tax breaks and savings3) Do not establish personal relationships with tenants: It is difficult for a manger who has established a relationship with their tenants to perform evictions/raise rents/impose late-fees/enforce lease provisions4) Do establish relationships with vendors before the problem arises: that way, when an issue does arise, you aren't hunting for somebody you think can do the job and will do it fairly.

One is that the majority of people know nothing about real estate investing and taking advice from such people will only lead you to catastrophe.