If it is discovered that the ex-owner, the first-named insured in this case, no longer owns the property, expect the insurer to deny based upon the fact the policyholder no longer owns the property.

@Chris Seveney - Thanks for the response.(1) The master insurance policy holder for the condo association does not want to provide us (the unit owners impacted by the water damage) the amount required to repair the units therefore we likely have to take them to court which will take a long time.(2) The claim was filed against the condo association policy since several units were impacted. 

If their reserves are exhausted in an event then they are allowed by law to pass the overruns on to all policy holders to make up the difference.How are Florida investors looking at the current insurance costs and future risk of high insurance costs?

It is a better coverage for the policy holder than "Actual Cash Value" (ACV).

He advised us to put a second insurance policy on the property in my name and leave the mortgage owners policy in place as the change in insurance and policy holder is a red flag for the mortgage company.  

They use option hedging strategies to give the policyholder market returns without actually being invested in the market. 

The title company mentioned they were going to get an indemnification with undertaking from the last policy holder

Here it is:Adding another entity as an additional insured on your general liability insurance policy serves to protect that additional party in the event of negligence on your part as the primary policyholder, or “named insured.”

In addition to high fees, the cost of the policy increase as the the policy holder gets older.

Could write a book about how ins. cos. try to screw policy holders and refuse to pay legitimate claims in a city that was underwater for 3 weeks-- but I digress......that said --we "fell" back into r.e. after a 7yr hiatus after people suffering from litigation fatigue deeded us their properties- many of them.