If you get hurricane and flood coverage then the repairs are covered under that less your deductible 

I would start by explaining to the tenant this his/her property is not covered by your insurance if it is damaged and recommending the tenant pay the $100-$200 a year for this coverage.

Also comment on what dollar amounts/coverage I may want to consider or the pros/cons of this policy.

While there are a lot of plumbers out there, not all of them will be able to meet your needs and provide you with the comprehensive service that you require.

A smart investor has a comprehensive financial plan that considers current savings and income, future income expectations and life goals, such as retirement, kids' education, travel, etc.  

Don't just use a quit claim deed as that may present future title coverage, the deed should have a notation that the deed is a DILOF.In a judicial/title state you may need court approval to accept a DILOF, so check on that, in a lien state that isn't generally required.Another matter is that a foreclosure by a lender can mean they must sell the property to cover the lien and you can owe excess equities to the borrower, common misconception is that a lender is entitled to profit, that can be questionable.

Did you increase your insurance coverage?

I would also just check out insurance for each type of residence, and also possibly an umbrella policy for the properties for additional coverage. 

Most banks will be looking at the net income of the property and the debt service coverage ratio (DSCR).

Make sure you have insurance coverage and I always encourage landlords to have their tenants obtain renter's insurance.