I don't have coverage for occupied units right now and I need at least 25 - 50% occupancy (I think) to get a landlord policy in place.

DSCR loans are based off of your credit score, down payment funds, reserves (6-12 months typically) and a “debt service coverage ratio” of 1x-1.25x.

But what about property coverage?

That is the question that will determine if you can get coverage as a wholesaler.

Our insurance broker can can only offer $400/year for $1,000,000 of coverage.

As long as the appraised monthly income for the property comes back meeting the lenders ratio (my lender just wanted a 1:1 coverage of PITI), the loan should be good.

I have 5 rentals in Ohio and I am shopping for umbrella coverage.

That being said, I echo the idea of shopping the coverage. 

Second, consult with an insurance professional to get ample coverage, an umbrella can be a good idea depending on your other insurance needs-you should know that law suits are extremely rare. 

If you refinance for a larger amount what will that do to your payment and debt coverage ratio?