As a landlord, rent is income, so you’re likely to feel the pinch if rent suddenly dries up. Loss of rent insurance can compensate you if you suffer an incident such as a fire or flood and your tenant has to move out as a result.
If your commercial premises suffer a fire, flood or storm, for example, it might not be safe for your business tenants to continue working there. But while you’re organising repairs, you’re also losing income. With loss of rent insurance, you could be paid any missing income for the period of time while your property becomes unusable.
Our insurers will either pay out a percentage of the contents and buildings sum insured for loss of rent. Or allow you to set the level of cover and period of time that you need it for. Please be aware that loss of rent insurance will not cover you if your tenants simply decide not to pay, are unable to pay or if they move out unexpectedly when there is no need to.
Alternative accommodation insurance can compensate you for providing temporary accommodation whilst the premises is unusable. And with most of our insurers, it is simple to add on to your main policy.