I agree this needs to be broken down by region, property type, coverage, etc. 

Brother 2 is now suing everybody in sight.Buy the owners coverage.

If you get lucky and you find the name of the title company that did the 1978 and/or 1985 recordings, it is possible that you can order a "Hold Harmless Letter" that can be used to obtain insurance coverage on this issue from your current title company.    

I would buy a home warranty on it now in order to begin coverage now that can be renewed year after year, so that when you move out and it does become a formal rental, long or short term, you'll have coverage for all the house's systems and appliances being used by your tenants.

Unless there are photos of the outside, inside, sf, prices and issues, you need to be more comprehensive.

Hurricane is probably covered under general coverage but ask your insurance company.

@Greg Dickerson is spot on in terms of what you need to get the most comprehensive quotes.

The three existing policies cover different levels of coverage and have different deductibles.

Here are the specific financials.proposed sale price : $400KNet operating incomeafter association dues, property mgmt fee, utilities, maintenance and repairsinsurance, real estate taxes: $28,500 (average value over last three years)Their insurance that they charge is for replacement of building, replacement of personal property and liability coverage.

You can also  make sure your loans have a high debt service coverage ration.