Vacancy property insurance cancelled on foreclosure??

[Billy Bob]

I bought a foreclosure property a few months ago with three houses on it. Two are rented and insured. The largest one is boarded up. I have a policy with Foremost for vacancy insurance and I just got a cancellation from them, saying it does not meet their "standards". 

I am paying $2,900 a year with Foremost and I get cancelled? Really? That policy if N.O.O. rental is about $900 a year. This house is not that bad and not a ghetto; I have to replace a few missing roof shingles, fix some minor stucco cracks, replace the windows (18) so I can un-board it and do the interior updating so it can be rented. I will be doing the work over the next 4-6 months. 

I thought vacancy policies were one of Foremost's specialties. Now, I'm looking for insurance again. I'm going to contact NREI / Affinity. I also know American Modern does these policies. Any other suggestions? Am I going to get cancelled in the future from these other companies as well? Thanks in advance!!

[Jason Bott]

@Paul Ewing 

I would think foremost can do it, but you may want to price out a builders risk.  The vacant policy can exclude theft and improvements, or have a very high deductible.  A builders risk policy will give you coverage for materials that are on site but not installed yet, example being cabinets, carpet, vinyl, etc.  Both of these types of policies will have a set term to them, 3mo,6mo or 1 year and most likely any unused time is not refunded.  Also, a builders risk takes into consideration that you are increasing the building value over a short period of time, while the vacant will most likely only give you what you paid for it, not the improvements.

1 more thing to note, the builders risk is only property protection, so you will need to have Allstate or Foremost write liability coverage on the property.  I know Foremost can do this, not sure about Allstate.