That sounds very comprehensive @Jacqueline Carrington.  

Before I go down that path, wanted to get a feel for what other investors have on their coverage. 

If not, skip it.A lender will typically require a debt service coverage ratio of 120%+ (meaning, your NOI has to be at least 120% of your annual debt service).

I have found visual references are helpful to bridge gaps in understanding, and can better bond my comprehension when included with other forms of learning.It seems your response may contribute evidence as to why my searching for such a resource did not meet with 'quick google' success!

If a note is fractionalized the partial holder's coverage is under agreement with the lead lender, in buying notes you have certain instances or grounds for the repurchase of a loan (which most brokers probably try to avoid) but are still responsible for. 

What are the most important questions I should ask contractors beyond insurance coverage?

Check with the power company, they may have folks available to work with you and guide you through the pros and cons of per unit metering or they may be able to make usage projections based upon historical averages for like kind units from which you can bill.As for the insurance... perhaps the previous owners never made a claim as they didn't want to pay the deductible, but the coverage is in place.  

The difference is rarely enough to justify a lower coverage amount.

I'm working out my numbers for my first rental property and I'm trying to figure out what insurance coverage I need and how much I should expect to pay.

Those include changes to the lengthy and complex recertification process in place today, burdensome owner-occupancy requirements, and limits on the types of property insurance that are considered acceptable coverage under FHA’s rules.NAR has worked closely with the Department of Housing and Urban Development to push for changes to FHA condo policy, and NAR President Chris Polychron recently testified before Capitol Hill to bring attention to potential changes, including those related to recertification and owner-occupancy requirements.