How long to keep insurance after selling?

[Mitch Rapp]

We just sold a multifamily property. There was a dog bite incident at the property a few weeks ago between 2 of the tenants. How long should we keep our insurance property (if we can even do so) in case the tenant decides to sue us?

[Greg M.]

You sold the property. Therefore, you no longer have an insurable interest in it. You cancel the coverage the day of the sale. 

Unless you have some freakish "claims made" policy, the canceled insurance will cover you as you were insured at the time of the incident.