It's a lender forced-placed insurance policy that covers a vacant house and covers me for liability if the borrower allows their insurance on the house to lapse.

Doesn't' really matter if it is transfered or if there is a lapse, unless it is so cold the pipes are at risk of freezing. 

That is illustrative of the fact that everyone thinks its great to have one, til they have to pay all the costs associated with it even though they dont use it, then let it lapse instead of incurring those costs year in and out.

If you get to many "dings" on the Renters Legal Liability policy, rates will go up and you could decide to end it and go back to individual Renters policies and their headaches at that point.4) Incorrect - This $100,000 limit (which is more than most Renters policies provide by the way) is dedicated to fixing your asset first (just like you would want), but if the $100,000 limit isn't used up fixing your asset then your renters have up to $15,000 to cover their personal property.In summary, the product costs about the same, provides coverage to the asset owner FIRST, requires no tracking/monitoring by you or your staff, doesn't open the owner up to exposure between when you find their policy has lapsed and you get it corrected, and will decrease your P&C costs. 

You will receive notification if the renter's insurance policy changes or lapses.

It would be cool to mount project cameras that create a time lapse of each process.

Trends are great, but sometimes people make the mistake of sacrificing the character of the home by replacing everything with what will fit into a modern momentary trend.

A Borrower's payment is not "missed" unless a payment is not received and the period is over, the period must lapse to miss it.  

I had my license, I let it lapse in the SAFE Act update didn't have time or desire to deal with the new requirements.

Once a note is purchased at sheriff sale all secondary notes lapse after the expiration of the redemption period.