When I became an investor buying and selling properties for my own interests, I let it lapse. 

In addition to that, I would also advise getting yourself/company named as a certificate holder, or even additional insured so that you would be notified in the event the policy were to lapse or cancel.

I agreed to it, if I was able to find a new tenant that can take over the property with no lapse in rent.

Individual premiums are priced low enough these days to make this a strategy worth considering.Action Steps* If you’re responsible for your company’s E&O policy, begin the renewal process early enough to avoid an unintentional lapse in coverage- whether you are staying with the same insurance company or shopping for a new one.

My insurance company sent out reps to inspect the outer perimeter and they told me i needed burglar bars on the first floor if i did not get them i wouldn’t have any insurance so there was a lapse for about a week until i was able to find someone to do it.

In both cases, you'll be notified any time the policy lapses or is canceled by the renter. 

Many of these lake lots and vacation homes have been bought up by investment LLCs in the last couple years following the crash and are having a hard time selling them right now.I used to be a real estate agent but let my license lapse because I was not planning on using it with my job as an RN.

This forum could serve helpful the person who spent a lifetime making good decisions and had a lapse in judgement and allowed 1 bad decision to change that. 

Another offer would clog up the deal, but I think you could go to court if you wanted.Odds are, depending on how smart the seller is, that he would just let your contract lapse, call the broker that presented the offer and then list it for 20% more than you promised. 

I told them I'll let it lapse for a while, see what happens.