@William Howley You will find the best pricing if you can tie the rental to your personal lines policy. 

Do you always follow the rental policies?

The brokerage you join might have their own legal counsel already to help with this.Generally regular brokerages will not like investors trying these things because it might not be covered by their E & O policies.

We have one corporation that owns all four buildings and individual insurance policies against each property as well as a corporate $2 million umbrella.

If you decide to purchase, conventional financing, backed by Fannie Mae and Freddie Mac require the property to be in your personal name, so an umbrella policy would be worth looking into.

The actual cost will be determined by the policy premium YOUR insurer will charge for the hazard insurance policy that you will purchase prior to settlement.  

I would like to owner operate the property in accordance with the VA loan policies.

In both cases I would get a landlord policy and a PUP to protect myself. 

I use Quicken for home, but I love using Microsoft Excel for my rentals.I have a tab for each property.I keep up with my insurance policy, who the tenants are, Magistrate for evictions, trash pickup day for each property.I keep track of who has paid on what date.I will add up all my receipts and I can find things in an instance.It makes it very easy to get my tax info to my accountant at the end of the year.I can color things to make it easy to find also.Just my 2 cents.John

I work for several different investors and part of the service I provide is offering investors a free policy review whenever they get a new policy and/or property.