Rent Loss Insurance

Definition

  • A type of insurance for rental properties that, depending on the policy, covers the rental income lost when a property cannot be occupied due to an insured peril such as a fire or fallen tree, or for rent lost due to tenant non-payment. Most policies will only cover six months worth of lost rent.

Synonyms
lost rental income

Related Terms and Acronyms

  • Eviction Definition,
    • The act of kicking someone out of a property, usually for violating terms of a lease.
  • Landlord Definition,
    • One who rents or leases his or her property to another person or a business.
  • Lease (lse) Abbreviation,
    • A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
  • Lessor Definition,
    • The person who grants a lease.
  • Peril Definition,
    • Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
  • Rent Definition,
    • When one party pays another for the use of an asset, service or property.
  • Renter's Insurance Definition,
    • Insurance that covers renters for liabilities or damages occurring to or within insured property.
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