Definition Of Rent Insurance In Insurance

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.