If you’re a landlord, you know how important it is to have insurance for your rental property. But what happens if your property becomes uninhabitable due to a natural disaster, like an earthquake or flood, and your tenants have to move out? You may be wondering if you’re covered for loss of rent in such a situation.
The good news is that many insurance policies offer an extension for loss of rent due to natural disasters. With this extension, you can claim for loss of rent under certain circumstances, but you generally have to have the rental extension in order for it to kick in. This can be a lifesaver if you suddenly find yourself unable to access your property and your rental income takes a hit.
However, it’s important to check the details of your policy and make sure you have enough coverage for the full period of time. Loss of rent coverage can range from as little as three months to a year, and the supplement amount can vary from relatively low to high.
So if you’re a landlord and want to have peace of mind knowing that you’re covered in case of a natural disaster, consider adding a loss of rent extension to your insurance policy. It’s a small investment that can pay off big time if the unexpected happens. And if you need help navigating the details of your policy, don’t hesitate to reach out to an insurance professional for guidance.