Or you might not be able to get earthquake insurance in some areas for example. 

None of them are in an LLC but are insured and also covered under a umbrella insurance plan.Am I missing something?

Also you have no title insurance unless you do a full closing and get new insurance.

Well then you should know the basic closing costs.....title search/insurance, deed/mtg recoding fees, closing fees, mtg docs prep, etc. and also which party typically pays what in your market.  

If it is an AE flood zone you could be paying more for flood insurance.

You're covered with title insurance.

Am I the only triplex owner living in insurance hell?

. $15/month property taxes and $20/month for insurance?

Yes, they need to be licensed and carry necessary HOA insurance.

They may also be responsible for tax increases and insurances increases over a base year.