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Joe Gemma
  • Investor
  • Rosedale, MD
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38
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Rent loss coverage on a vacant property?

Joe Gemma
  • Investor
  • Rosedale, MD
Posted Aug 26 2015, 08:43

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

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