Insurance concern on new property

[Carlos Martinez]

Hi everyone,

I purchased a property recently on SI, NY. There has been such a journey with renovations and the person repairing the property, but hey!,  nobody said it would be easy... Anyway, after appraisal we were able to insured the property with Universal company, I recently got a letter that my policy was going to be cancelled due to the condition of the roof. The broker I'm working with, mentioned that any company can cancel any policy within 30 days of approval and that any premiums paid will be refunded, but my main concern is to get a policy in place for this property. I was planning to replace the roof in about 6 to 10 months from now, because I ran out of money with the rest of renovations. 

The broker was able to get me two quotes more, but they are way more expensive than expected. Any suggestions here? Should I stick with the more expensive policy until I get the funds to replace the roof or is just best to ask for a loan and replace it now. 

Thank you