Rental Income Coverage

Jan 4, 2016

  1. insurance1822
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    insurance1822 Guru

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    If a property is vacant & suffers a loss...then loss of rental income coverage would NOT apply right?
     
  2. hesse
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    without a lease in place there would be no coverage for loss of rents
     
    hesse, Jan 4, 2016
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  3. djs
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    djs Super Moderator Moderator

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    Lets see... I haven't been able to find a tenant for my property for 10 months now... I really need some income..... lets start a fire.....

    To much of a moral hazard. Also, if its vacant (and has been that way for a while), is it insured as a vacant property?

    Dan
     
    djs, Jan 4, 2016
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  4. insurance1822
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    I knew this...but for some reason I had a mind fart. I saw "rental income" on a vacant quote so I was thrown off.
     
  5. marindependent
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    I would think not. But you might want to check the fine print.
     
  6. BigIVU
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    BigIVU Super Genius

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    Some policies cover property held for rental but you would still have to demonstrate the likelihood it would be rented during the period of restoration.
     
    BigIVU, Jan 14, 2016
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  7. GXR2
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    GXR2 Super Genius

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    My first thought would be no because he has no renter, he suffered no rent loss. That said, rental car companies can charge a loss of use fee on a car with no reservation... So call and ask the underwriter as every carrier is different.
     
    GXR2, Jan 15, 2016
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