Rent loss coverage on a vacant property?
Hi all,
I'm closing on an investment property in 3 weeks and have run into an issue.
The lender is requiring that I have an insurance policy with rent loss coverage. The property is going to be vacant initially as I need to do some renovations so no insurance company I've talked to can provide rent loss coverage on a vacant property. This makes sense considering there is no rent to lose.
Is this a normal lending requirement? Any ideas on what I can do?
Thanks
Joe