An appraisal for a cash out refi will likely be lower than for a purchase money loan.You're looking for commercial loans, and for those DSCR (debt service coverage ratio) is often a key metric. 

It must not be too much of a premium beyond basic coverage though considering we got a good policy with decent deductibles  on the beach house,  2100 square foot 4 bedroom only $3100/year --- even with the short term rental liability on it.One more thing. 

I am working on coming up with a few ratios for a multi family property my company has.I am wanting to establish the operating expense ratio, total expense ratio, and debt coverage ratio.

It looks like a very comprehensive solution for landlords.

Do some research on Debt Service Coverage Ratio (aka DSCR). this should open up a whole bunch of lending options that should make your life a whole lot easier.

Always make sure to comprehensively screen anyone over the age of 18 who applies to your property.

It really comes down to the type of property and what type of coverage you are looking for.Some insurance companies have the best premium for full Replacemnt cost and others can be flexible with a stripped down policy. 

I would just consult your agent regarding liability coverage, as well as your attorney. 

Also, would this be a better option than getting umbrella coverage? 

Sometimes keeping track of all of the small ticket (and big ticket) to-dos can be challenging, especially when you have multiple rental properties for which you need to keep this information organized.While sticky notes and notebooks are definitely super helpful (that has been my process in terms of helping my family member out with some of these action items for their rental property, up until this past summer), it could be a good idea to check out a potential online rental management & success tool that allows you to manage maintenance requests specific to the unit (one that allows you to manage all maintenance requests from your tenants with comprehensive maintenance tracking capabilities, ie. can include photos, time-stamped/dates of requested repairs,  details of a required repair, will provide status updates on a maintenance ticket, and will cc a list of preferred contractors on all maintenance issues, all to make sure that those action items are taken care of for that specified unit).Definitely, something we've thought more about in terms of what might make this process a whole lot easier.