Can't insure vacant rental property? Is this right?
I'm still a newb, sigh ... I'm trying to insure a mobile home we're rehabbing and will be ready to rent out in about a month, and my insurance lady is telling me that insurance for it will be $300/ yr for $30K in coverage (their max) which is fine with me, but then she says the insurance co will want to see a copy of the lease. Fine, except we don't have a tenant yet! I ask her, "Are you saying we can't insure the MH while it's vacant?". She answers, "No you can't. I can check on a vacant policy but I am sure it will be pricy."
Does this mean if we have a tenant move out and it takes a month for us to get a new one, we'll have no insurance for that month?? I'm awaiting that answer, but I don't get it. (assuming 1) she's right, and 2) that I'm not misunderstanding) What's the thinking here?
What say you? Tks!