Rental Income Coverage

[insurance1822]

If a property is vacant & suffers a loss...then loss of rental income coverage would NOT apply right?

 

[hesse]

without a lease in place there would be no coverage for loss of rents

 

[djs]

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

 

[insurance1822]

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.

 

[marindependent]

I would think not. But you might want to check the fine print.

 

[BigIVU]

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.

 

[GXR2]

If a property is vacant & suffers a loss...then loss of rental income coverage would NOT apply right?

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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.