A standard roof that use to cost $15,000 to replace, is now well over $30,000 to replace in many areas of the country. 

Does anyone know how insurance companies evaluate these properties and whether or not real value can be realized for insurance for renovation? 

Regarding insurance adding additional umbrella insurance is great idea. 

Quote from @Zara Massoud: Hi, The PM company we signed on has a clause to add them as 'additional insured'.

I knew the fire insurance would be CA Fair Plan.  

Quote from @Franklin Marquette: For those of you that require your tenants to have renter's insurance, how much liability insurance do you require of the tenant?

It's not an insurance company/carrier. 

SIGNED STATEMENT OF INSURED AS REQUIRED BY SECTION 3905.33 OF THE OHIOREVISED CODEThe named insured ___________, acknowledges that the insurance policy (other than life insurance) as described above is to be placed with an insurance company not authorized to do business in Ohio.The insured understands that the insurance company is not a member of the Ohio Insurance Guaranty Association and that Chapter 3955. of the Ohio Revised Code is not applicable to claimants or insureds of said insurance company.

.: Hi there, my STR in the Hudson Valley, NY is currently insured with Proper.

Moves risk to be financially covered by insurance hypothetically.