I always get a builders risk policy on my rehab and hold properties.Pros- you have insurance coverage since the regular carriers won't give you a homeowners policy without a tenant.Cons- if you go past the term (3 months for mine) before you have renter in place (or within 30 days of having a renter) you have to buy another 3 month policy, no shorter terms are available.I got a 3 month policy from American Family for $258.

@Jack Gibson Carrier

In my opinion, getting your insurance cancelled and having to find another insurance carrier would be "undue burden."

NREIG is not the insurance carrier or insurer. 

They regulate how claims need to be handled, and they require certain specific timelines that insurance carriers are required to adhere too; otherwise, they could get into trouble by the DOI for Bad Faith in Claims Practices. 

Talked to the post office mail carrier--- he has a lead on a house that his neighbor wants to sell, hoping it turns out.  

Jamie,Shop the insurance with an independent agent who can shop multiple carriers on your behalf. 

Around here is can cost anywhere from 5K - 20K per unit depending on the answers given to such questions.As far as insurance, there are carriers who will cover K-n-T (for an additional premium) ... they may require it be inspected and some may require a plan/timeline to replace it.

Most of the carriers that my agency works with offers a short term policy rider. 

Umbrella insurance is usually with your auto carrier since auto carries the most risk.