Insurance on an investment home that we're going to re-sell
We have been looking at investing with another couple and a realtor friend in a repo being offered by a local bank. The price seems right (well under market), and houses in this area and price range are moving, so I don't need investment advice. However, I do have a question about insuring it after purchase while it is on the market. We will be doing some minor cosmetic stuff, but then the house will be vacant while on the market, probably just 1-3 months. How do we proceed with insuring this property while we are in the process of re-selling it...a regular homeowners policy, or is there special insurance for an investment situation like this? I am aware that homeowners insurance can lapse on an unoccupied property, but the house is just 15 minutes away so it is easy to check it several times a week.