Definition of "Rent insurance"
Sylvia Arredondo, Real Estate Agent
Leopold & Strahan Realty Group
Endorsement to an existing policy or a separate policy covering loss of rental income to the property owner, caused by the damage or destruction of a building, rendering it unrentable. The coverage applies whether or not the dwelling is rented at the time of loss. The insured can select a coinsurance requirement of 50%, 80%, or 100%. The higher the coinsurance amount, the lower the premium.
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