Have you run into a situation where you tried to insure a rental property that is vacant and been told by your insurance agent that your carrier does not support this type of coverage?There are thousands of dollars invested into the renovation and fix up of the property and every owner looks for ways to make the property a lucrative "flip" or long term hold by reviewing inspection reports, due diligence and resale value. Are you checking to see if it is properly insured?This is happening more and more as individuals and corporations obtain rental property at very low prices. Typically, their goal is to fix up the property and turn around and sell it or rent it out. The problem arrises when the property needs adequate short term coverage during renovation and days on market. How do I insure this property while it is vacant? Does the coverage I purchase through my Insurance Company cover a claim if the home is not occupied?These are very valid questions and often times, the property is only insured for a very specific short period of time while vacant. This means that you may have coverage for 30 to 90 days but what if it is on the market longer? Is my coverage void? Many times the answer is yes.It is important to do a couple of things.1. Discuss in detail with your agent the length of time you project to have the property sold or occupied.2. Discuss with your agent the policies vacancy clauses.3. Dont assume that if you are told that there is coverage, that there will indeed be coverage. Read your policy.4. If there are vacancy exclusions, you may want to consider purchasing a short term Builders Risk Insurance Policy until the renovation is complete. Then you can move to a long term rental or cancel the polciy.5. Discuss any potential discounts if you have more then 1 rental propertyDont be caught without coverage on your Rental Property especially if you have invested a great deal of time and money into making it profitable.