Where other types of Landlord Insurance cover damages to your physical property, loss-of-rent insurance covers your income. In a situation where your tenants have to move out, loss of rent insurance will ensure you are not losing money and can still make mortgage payments if you are a buy-to-let landlord.
You can claim on loss of rent insurance if your property becomes inhabitable by means of an event such as a flood or fire. In circumstances like this, you may also need to provide alternative accommodation for your tenants. Loss of rent insurance can also cover you for costs of accomodation.
Some mortgage providers do require loss of rent insurance, so if you’re a buy-to-let landlord, there is a chance you already have it. If not, we would highly recommend getting a quote with one of our experts today.
What does Loss of Rent Insurance Cover?
As mentioned above, if your rental property becomes uninhabitable due to an event like a flood, loss of rent insurance will cover the income that you would have lost, had you not been insured.
What does Alternative Accommodation Insurance Cover?
In certain circumstances you may be contractually obliged to provide alternative accommodation for your tenants in the event of your rental property becoming inhabitable. If you take out alternative accommodation insurance it will cover the cost of providing alternative accommodation for your tenants.
Get your quote today via the button on this page or alternatively you can call us on 01253 764294.