Insurance Dilemma- being cancelled due to fire

[Alex Smith]

Early in January, our duplex caught fire, destroying the bottom unit. We fully renovated it and placed the tenants. This is our best performing property and I really don't want to sell it, but after getting a notice a month ago that our insurance is cancelling us because of the large claim, I'm afraid it's my only option. I'm trying to find someone else to insure us and so far many have said that they will not insure us and the one quote I have received is for almost 4 times the amount i was paying ($3050/year). If insurance is going to be this high, the property will no longer fit our buy and hold criteria and it won't make sense to hold it. 

Any ideas? Anybody been in this boat?

[Joe Splitrock]

Originally posted by @Alex Smith:

@Joe Splitrock -yea, I'm really not sure. Everything is brand new now...safer than ever:P New electrical, new HVAC, new windows, new roof, new insulation, drywall, flooring, etc. The whole nine

 And a landlord who freaked out about fires, so you will be very careful to warn tenants of dangers. In my opinion you are lower risk. Not fun to go through this. 

Have you asked your mortgage company what happens if your insurance lapses? The mortgage company will be notified. I wonder if they would call the loan. I got a letter from mine saying get insurance or pay off your loan.