Most cities do not limit the amount, but some rent control ordinances may. Generally, late fees must be reasonably related to the costs incurred by the landlord as a result of the late payment by the tenant. Leases and rental agreements that allow for an unreasonably high late fee are probably not enforceable. Each insurance package will vary as to the type of coverage, the amount of coverage and the deductible. While most policies will cover fire and theft, tenants should always check the limitations of what will be covered.
Most policies also provide personal liability coverage.
A landlord's insurance coverage will not protect the tenants.