As a landlord, rent is income, so you’re likely to feel the pinch if the money suddenly dries up. Loss of rent insurance can cover you if you suffer an incident such as a fire or flood and your tenants have to move out as a result.
If your property is affected by a fire, flood or storm, for example; it might not be safe for your tenants to continue living there. But while you’re organising repairs, you’re also losing income. Loss of rent insurance can compensate you for any missing income incurred during the period of time while your property is uninhabitable. Up to your chosen cover limits.
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 of your tenants simply decide not to pay, are unable to pay or if they move out unexpectedly when there is no need to.
You can. This is a simple add on to your main policy. If you’re contractually obliged to provide accommodation in a hotel, flat or similar establishment should your property become uninhabitable; alternative accommodation insurance allows you to recoup that expenditure.
