As a landlord, of course, you have to have insurance. Usually a commercial homeowner's policy that covers a rented property against fire and other damage is required by your bank - and is a good idea even if you don't have a mortgage. Liability insurance is also needed - and an umbrella liability policy should also cover excess liability if someone slips and falls on your sidewalk. Be sure to tell your agent the property is rented out and make sure both policies cover rental properties. Otherwise, claims may not be paid.
There are two kinds of people in the world, I think. The first kind looks at insurance policies like a Chinese menu - figuring out what claims they would like to file. These are the kinds of people who get low-deductible policies and file claims often. The complain if the claim service isn't fast or efficient. They don't understand why anyone would want a lower-cost policy or high deductible. To them, insurance is all about what you get paid, not what you pay.
The second group, which includes me, views insurance as a necessary evil in a world where there is risk. But it is an evil to be minimized as much as policy. We would like to pay as little for insurance as possible, as we don't plan on filing claims, if at all possible. And we are not interested in coverage for trivial things like broken windows, which we can repair ourselves. We are just interested mostly in catastrophic coverage for when the shit really hits the fan. And we want the lowest possible price and could care less how fast or efficient the claims service is.
Sadly, it seems the first kind of people dominate the world - they want something-for-nothing and want to "make money" on their insurance policy, which is very hard to do. These sort of folks drive up insurance costs for the rest of us, and they are one reason Obamacare is so damn expensive.
In the long run, though, the first types never win. Sure, they will regale you about how they got free carpeting in their house when the washing machine overflowed. But like gamblers who like to tout their "wins" but forget about their losses, the first types will never talk about the high premiums they paid for decades. And the analogy is apt, as insurance is indeed a legalized form of gambling - albeit a necessary one.
I think I'll take a pass on "Landlord Insurance" for the time being. Property and liability coverage really is all that I need.