If you would have had a fire, that policy would have responded.Keep in mind, State Farm may cancel you if they find out you were uninsured for those few days...It's a common guideline to have continuous coverage for 1-2 years to be eligible for a preferred insured policy.Good luck with it.

Not that it would be the most ideal thing for most people, but if you're idea of paradise is a house overlooking a lake on farm within an hour of a major city, those are in ample supply all over the country for a fraction of California prices.I find that Denver is one of the nicest places I've been. 

The home is located on my father’s farm and is currently vacant.

@Shawn Ryan I wouldn't bet the farm (but I'd bet the cat*) that she's going to end up leaving money on the table if she sells on her own.If she finds her own buyer, it's highly unlikely that she has the person who is willing to pay the highest price for the property.  

I guess I would think about it differently if I've had bad experiences in the past or if I thought that we would be way off on our numbers when having to wrap up the project and make payment.  

I was able to get "Rental Dwelling Insurance" from State Farm that lists the LLC as the insured/Holder...

I farmed my own lenders at 100% of purchase price and rehab costs(3points, 12%).

I'm in a farm partnership with my father in law(fil) and my brother in law (bil). 

With State Farm, if you choose to lower the coverage to less than 80% of the determined replacement cost, your policy will switch over to ACV (actual cash value - aka depreciated value)in summary, just go find an insurance agent you can trust and make sure you give them very detailed info about the property so that you have an accurate replacement value. then you can make your decision on how much coverage you want from there. 

I self manage but I field complaints myself and farm them out to a handyman I know.