The way around this is usually to have your broker add an Agreed Value endorsement.

The property was recently flipped (built in 1977), and while it looks nice cosmetically, we’re waiting on inspection and permit info to confirm what was actually updated.Major updates already done:Roof replaced in 2021Solar panels on roof in 2024HVAC 1–2 years oldWater heater 4 years oldVinyl fence 2 years oldOur challenges so far: Insurance is insanely expensive, cheapest quote we’ve seen is $3,700/year, and that doesn’t even include the landlord endorsement.

If you only have a standard homeowner’s or dwelling policy, you may not actually have coverage for short-term rental activity unless there’s a specific endorsement.

It's important to have a landlord policy that has a vacancy endorsement, so that the property is still covered during an extended vacancy. 

Now if the LLC is an insured under an existing policy one might be able to purchase an endorsement to the policy moving the effective date through the date of the purchase, but keep in mind, the policy probably excludes acts of the insured, so if the title search misses a defect of lien, say a mortgage created by the LLC and not disclosed by the seller of the LLC interest, any loss would probably not be covered.

Do the contracts require additional insured status, and did you receive the endorsements along with the insurance certificates?

Yes Beardy Brandon endorses it.

As a general rule of thumb the additional insured status should be a contractual requirement in the underlying agreement, and the insurance certificate should be accompanied by an endorsement.

This should be accompanied by an endorsement, not merely an insurance certificate. 

I fully endorse Flipsisters— NOW—they are pretty awesome.