Insurance Cancellation Due to Vacancy

[Timothy Allen]

Hello BP. So I closed on my first two investment properties at the end of October 2022.  One was fully occupied the other vacant.

The vacant property needed a complete turnover, deep cleaning, paint, new cabinets countertops, and other small odds and ends.  My PM ensured me it would rent right away as they had people waiting. 

Well, I got a letter from my insurance company saying if I don't fill the vacancy by Jan 10th they are canceling my insurance. They do not provide any options for vacant non-owner occupied properties. 

Being a newb I had no idea. They never mentioned a timeline when I opened the policy so to me it was pretty shocking. What advice do you have? Do I start shopping for new insurance now? Am I going to have the same issue with it being vacant? My PM keeps telling me there's been a lot of inquiry and it will rent but its a little close to the deadline for my liking. thanks