This can just as easily be cheap steel from China.Inflation is both here to stay and will go up.  12% is possible, but only momentary. 

Here in CT tenants can ask for 6 months for lapse of lease and as long as they are current in rents.As others are saying just get to the court and be deligent that you want the tenant out

I require the tenant to furnish and maintain a renter's policy, and to name me as an additional insured (meaning, the carrier notifies me of any lapse, renewal, cancellation, etc.). 

I would state that if the tenant is not moved out, then a notice of quit will be served and an eviction for lapse of time will be started. 

I want to clarify if the price would stay locked in if I pay up front for a year and "renew" before that year lapses. 

This is extremely efficient and will not cause the policy to lapse.

Most applications will ask if the prior policy cancelled and many companies will charge more if there is a lapse in coverage.  

They can help clear and clean things up, if need beHowever, if things were phrased differently with the seller, I’ve seen contracts where listings have turned into purchases after a set amount of time has lapse.

This means the insurance company would notify the lessor in the event of a lapse or cancellation.

I admit the wife is a softy and 1) has covered hotel for a tenant who let renters insurance lapse even though the lease states that we will not 2) has let a pair of tenants who both let renters' insurance lapse continue to live in a pair of units that had no water for a few days.