When I rented space, it was $40 per hour (it was a small martial arts center in VA). I was given the option of doing that or a percentage, but I could not change my decision once I got more participants. So I chose the $40 per hour because it seemed like it would be more in my favor in the long run. To edit insurance, go to the My Account page>select the Edit button next to the About Me section>scroll down to the Liability Insurance section and there should be a drop down box there where you can choose your insurance option. Once your option is selected, press Save.
Hope this helps!