Though you would have to agree to select value coverage (Agreeing you knowingly wish to under insure your home based on the value provided). 

the declarations as with any insurance company has alot of language that seems broad and stuff but i found the broker on here and i heard decent things..i also have a general liability coverage for 2 mil but it seems like there are so many exclusions as im sure with alot of properties...i mean the declaration page for my policy is almost 150 pages long...i know the language needs to be explained thoroughly but i feel as tho there is so much room for insurance companies to find a way to not pay a claim for a number of reasons....i dont know...maybe im too cautious and too conserative...i just made my downpayment of 592 and my monthly charge of 209 per month will cover my 3 properties and my general liability for 2 mil in coverage. 

I would like to add these questions to the article and create a comprehensive questionnaire for beginning multifamily investors so they can analyze any new market with clear concise intelligent questionsThanks for your helpGino

Always get "replacement value" on your coverage.  

I got word from my commercial lender that transaction doesn't meet minimum debt coverage ratio, so I went back and asked the sellers to adjust the per sqft rate back to what they're currently paying and to fill the vacancies at the current rate prior to closing.

@Joel Owens Thank you Joel for the comprehensive and insightful response.  

If you have time please pitch in or maybe direct me to any comprehensive list you've seen online or on BP.

@Jonathan Williams The market value of the property does not have any affect on the labiality coverage. 

Thanks Account Closed for that very helpful and very comprehensive list!

I've seen that type of payoff put on a settlement statement before with meticulous records and paper trails and a lot of legal coverage.