Since you'll be purchasing the property in your name to use your VA financing benefits for primary residence, be sure you have plenty of liability insurance coverage once it is used as a rental. 

It sounded almost to good • Rates as low as 5.75% • LTVs up to 85% for Purchase and Rate and Term Refinances • Loan Amounts up to $2,000,000 • 30-Year Fixed, Fully Amortizing/5 Year ARM/Interest Only Options • Debt Service Coverage Ratio of only 1.0 • No Income/Employment Verification or DTI Requirements

Medical Payments: Provides coverage for an injury suffered on the premises.

Fannie Mae should start doing debt coverage calculations on rental properties just like commercial lenders do... and using their own pro-forma rather than actuals.

Make sure to do a comprehensive evaluation of your investment before pulling the trigger.    

I switched all my properties to her last year and it saved me quiet a bit and apparently I didn't have proper coverage with my last insurance company and she was able to get the right coverage for me.  

Your DSCR (Debt Service Coverage Ratio) will need to be 1.25 or better. 

If it is a pipe that burst and it was sudden and accidental, you may have coverage. 

In the latter 2 scenarios you end up spending a considerable amount of money hiring an insurance lawyer to battle with your insurance company to get the coverage you need.The irony is – more often than not – the insured isn’t even aware of the limitations or loop holes thus gets taken advantage of and ultimately pays the price.

The Umbrella gives additional coverage above the limits of liability on the underlying policy.