But there is also some contents coverage, since it's my house.NREIG had just started carrying flood insurance when I bought my first policy with them 3 years ago. 

While this pertains to HUD insured and assisted multi family housing I tend to believe this to be good enough for all other property types.  

Still in the early stages of conversation but got some beginning information and wanted to see if this was worth pursing:Asking Price: $550,000 (I already assumed that was too high, trying to figure out a reasonable price to offer)Income: $4000 a month (believe there is potential for rent increase (waiting on specifics of each unit))Expenses: $900 a month (Water, Garbage, Taxes, Insurance, Maintenance, Pest, & Septic) Self- ManagedNOI: $3100 a monthCap Rate: 8.72%Stable TenantsDoesn't need major workGood Area, Decent SchoolsQuestions:1) What is a fair win-win offer?

Oftentimes in Sheriff's sales the final judgement amount is published whereby you can see how much the bank is owed, including outstanding balance, interest, late fees, legal costs, corporate advances for insurance, taxes, etc. 

With long-term rentals, you are really only responsible for 4 things: Taxes, Insurance, Management, and HOA (if there is one). 

@Jeff Bisgier insurance and an umbrella policy will not help you if you are sued. read the fine print.

My insurance agent suggested liability umbrella over my vacation rental property, "life," and my single family long term rentals with American Alternative Insurance Corporation.  

I think they work well with the insurance claim as well. 

Personally, I'm not a big fan of TX markets due to the high property taxes and insurance rates.

Can anyone recommend a great insurance broker in Tampa Bay area who specializes in investment property?