I'm a bit late but I thought I would answer. Firstly, try using the same insurance agent who you use for your current home and auto. There are discounts available and also you can use the overall value of what is covered to get a better deal. At the same time, I would shop around to confirm if your agent is giving a good deal. Get an inspection since there may be problems that would cause your insurance company not to cover the home.
My three properties are all in the $200K range and cost less than $100 per month to insure except the town home where the Association dues are $130 per month. This does cover exterior items (plus non insurance benefits like maintenance). On that property I also have an HO6 policy to cover the massive $5,000 deductible plus interior items that are a part of the building. My renters all have renter's insurance as well.
Remember though that insurance is also about protection so you also want to be sure you have a section in your lease that addresses liability. That will at least provide some protection if a tenant wants to sue you. Depending on your net worth, you may want to consider an umbrella policy. It's cheap insurance and can cover you if someone does successfully sue you.
Finally, many investors buy using an LLC, which is very easy to get set up and does provide some protection as well. Others put their properties in a land trust named after the county where it's located. Most ambulance chasers who work on contingency won't spend a lot of time trying to figure out if you're worth enough to sue. If they don't find anything right away, they may tell your tenant they need a retainer before they'll dig any further. This will eliminate most people since they won't have the cash to pay a lawyer for their time.
If you want to see my leases, I'm happy to share them with you. Email me at: firstname.lastname@example.org or call 612-849-9079.