American Modern has reasonable rates but there is no theft coverage.

@Joel Oh we have clients with all of the insurance carriers you mention, and from a claims and service stand point, they are all top tier options.Now Proper has some coverages available the others do not. 

Don't rush to reduce insurance coverage based solely on the small size of the space.

I read somewhere that upon death in a WL policy, the cash value is absorbed by the insurance company and then the death benefit is paid out to the beneficiary, so if a death benefit is say 1 million and the cash value is at $750k, it’s equivalent to having a $250k term policy even if you had to renew a 35 year term policy at an older age, there is life insurance for seniors.The part of the WL premium that covers other costs including the life insurance portion, if its 15% of the value to premium, thats a big chunk if monthly premium payments are say $750-$1000 (I don’t know the numbers just an example) thats $125+/month for life insurance, same coverage may be had in a 35 year term for half that.Just would like more understanding from a Financial Planner point of view.What are your thoughts on this?

Plus you get good coverage on a bunch of other things, electrical, plumbing, roof ect..

You will want a policy that provides Builders Risk coverage during the rehab.I'll forward you the insurance program my clients use. 

Umbrella insurance typically provides coverage for multiple properties and entities, such as LLCs and trusts, as long as they are named in the policy.

I would also assume the bank will require some minimum coverage if you still have a mortgage. 

Seeing as this is our first investment property we want to make sure that we do things the right way and not overpay for insurance.My question to you all is what would you recommend (companies, types of coverage) to use?

You can also try CBIZ and Foremost.Is the problem getting coverage due to fire danger?