Should I contact my insurance? 

We add in insurance, property management, CapEx, maintenance/repairs, vacancy and any other potential expenses based on the property (refuse, water, etc. fo MF and lawn care/pest control for SFR).

@John Roeder will they do that for a cash value life insurance policy?

Credit default insurance and a home warranty if your cash flow will allow it will allow a property to survive those stress tests

Here is some information on the duplex:Basic Info: 1941, 3B 1.5Bath, 2 BD 1 BathPurchase Price: 151KDP: 44K Rents: 22K AnnualMortgage/Taxes/Insurance: 13.5K AnnaulMaintenance/Other Costs: 2.5K Cash Flow: $5K/year The house is in need of some renovations: pretty much all new windows, a furnace replaced, siding in the near future (wood)  Is this worth it for a first year investment?

Then hope nature takes out the tree and insurance covers it.

Interest applied to the original Loan amount, and not to the remaining balance.2 - 20 year term to payoff.3 - Payments would be made monthly for P & I.4 - Interest over 20 years @ 10%/year = $10k/year for each loan.5 - Principle payoff per year = $5k/yr/loan6 - TOTAL coverage needed = $15k/yr/loan or $30k/yr based on $200k in loans (both loans)This allows you to use the funds as many times as you want, but only have to pay for these funds once. 

Am I obligated to let my home insurance know? 

The downside of an FHA is that upfront, you will finance 1.75% of the base loan amount in the form of financed mortgage insurance. 

An insurance policy on the members that buys out their share on death is a pretty standard method, for example.