This is problematic, even if you consider $1/|f(x)|$ instead of $1/f(x)$. For example, let $$f(x)=\begin{cases}x\sin(1/x) & x\ne0\\ 0 & \text{otherwise.}\end{cases}$$ This is everywhere defined and continuous on $\Bbb R$, and $$\lim_{x\to 0}f(x)=0,$$ but since there is no $x$-interval around $0$ on which $1/|f(x)|$ is defined, then it is problematic to talk about $$\lim_{x\to0}\frac1{|f(x)|}.$$ It's even more problematic to talk about it if we were to let $f$ be the constant zero function.
We must make some extra assumptions to take care of your problems. In particular, you need to show the following:
Suppose that $E\subseteq\Bbb R$ and $f:E\to\Bbb R.$ Let $F=\{x\in E:f(x)\ne0\}.$ Suppose further that $c\in\Bbb R$ is a limit point of both $E$ and $F,$ and that for all $\epsilon>0$ there is some $\delta>0$ such that $|f(x)|<\epsilon$ whenever $x\in E$ with $0<|x-c|<\delta$. Then for all $M,$ there exists $\delta>0$ such that $1/|f(x)|>M$ whenever $x\in F$ with $0<|x-c|<\delta.$