IE house burned down borrower let insurance lapse somehow we did not get notified.. so I am a insurance Nazi about all of this these days.. other thing to keep in mind as well.. is if for some reason the house goes vacant.. if its vacant for more than  60 to 90 days many policies will not cover you after that you have to call and get a special rider for vacant home.. these are all little live and learn things that when they bit you and you lose 50k you won't let it happen again.

I have to honor the one remaining lease with one of the tenants, the rest of the tenants all have lapsed leases and are month to month. 

But in general I would agree with Michael and let their leases lapse and then update the units on a turn--that what we do anyway. 

A Trustee doesn't get involved until the NOD time has lapsed and the house has a sale date set.It is unclear which of these you are interested in.

Just don't let em lapse or it can cost you a lot more.

We are indemnified (additional insured) on that policy, and therefore we are notified if the policy should lapse. 

We require all of our tenants to purchase renter’s insurance and name us as additional insured on the policy (that way we get notified if they let the coverage lapse).

Three questions for the community:(1) Do you charge a fee for lapses in renter's insurance coverage that  may occur during your tenant's tenancy?

If you later decide to let your license lapse that is your choice.

If you borrow from the policy, you have to pay the money back along with the interest within a certain amount of time or your insurance policy will lapse.