I forgot to get insurance on the condo when I purchased it from a turnkey company and the bank asked for the insurance policy doc as a required doc.

We've never filed a claim on an umbrella policy.   

We are ready for Homeowners insurance renewal end of the month and we are currently having a HO3 policy on the old property. 

I forgot to get insurance on the condo when I purchased it from a turnkey company and the bank asked for the insurance policy doc as a required doc.

I'm guessing they will have to pay out something at least in some cases, otherwise they will risk huge PR nightmare and people cancelling policies, etc.

Insurance policies don’t contemplate rebuilding costs rising 50% overnight and 2 years to rebuild.It cost me $165-170K out of pocket for this disaster and I didn’t have enough $$ to cover it.  

Keep $300,000 liability on each house and a $1 million umbrella policy and you are as safe as can be.

Or I can tell you, Yo.. you are doing it wrong and it will be difficult to make it that way...Now which do you want to hear.Come up with a solid reason for that absentee owner list.Then figure out what the cost /deal is for your pick of lead gen system, and if you have the money THEN move forward...If you do not have enough money to cover that cost/deal x 1.7 (that's a safety factor), get the money first!

That's why I always recommend people get a title commitment from a policy issuing agent. 

Easiest thing to do it document all safety hazards and request repairs for them.