If renovations are expected the rents are not covered and the property cannot be occupied during the policy term while under a renovation/rehab policy. Rehab policies contain a provision within the policy regarding this. In the event of a claim, you would need to provide written documentation showing that the property was visited and visually inspected at least every 30 days.
For all locations reported as undergoing renovation, it is a requirement of this policy that renovations commence within 60 days of the acquisition date or the date the property becomes vacant, whichever is later. If the property is vacant and under renovation, coverage for Vandalism and Malicious Mischief and Theft will be extended for an additional 60 days provided the insured demonstrates active renovation activities with receipts, work orders or other supporting documentation. A police report documenting the incident is required.
You would need to contact us to have this policy rewritten to a tenant occupied policy prior to a tenant moving in.