Rent loss coverage on a vacant property?

[Joe Gemma]

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

[Joe Gemma]

After much back and forth, the lender dropped the requirement due to sufficient income. As always, thank you all for your help!