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.
