Force-placed insurance, also known as creditor-placed, lender-placed or collateral protection insurance is an insurance policy placed by a lender, bank or loan servicer on a home when the property owners' own insurance is cancelled, has lapsed or is deemed insufficient and the borrower does not secure a replacement policy.

In fact, I just had a tenant tell us she let her bill lapse and we called to find out the dates and they wouldn't tell us anything.  

During lapse time between tenants power charge is reverted to me as landlord for partial month so the power is never shut off. 

You as property owner are the landlord. service should be listed as you as emergency contact for power, you would be notified if power would be shut off and at that point service is reverted to owner. lapse between tenants would be billed to you.. you send in start / stop  order to power company for your tenants, and the unit is never threatened to not have service. 

There will probably be a lapse of 2 weeks.   

Additionally, current law prohibits a water supplier from denying service to a residential property for the lapsed payments of a previous account holder.

@Samantha Miller, the way I see it, with you being a (albeit lapsed) Realtor, you could have sensed immediately that their asking price of $104k was INDEED a "lowball offer" (without needing to get any further discount)!

Do not lapse on your rent.

One thing that can occasionally create some momentary angst is the issue of assignability.  

@Marty True i apologize for the time lapse.