yeah you should definitely include this if you wouldn't personally be able to pay all the overhead if you were not getting rent for 6 months, due to like a fire or something.
Lost income is a core coverage of a landlord policy. You want to be protected from all losses and the rent check not coming for a year while the unit is being rebuilt is one of those potential losses. It's usually only a couple of dollars and if they will do it, get coverage for a year worth of lost rent.
You should be thankful that they offered it. I used to include a year worth of coverage in all my policies. My latest policy (which I had to REALLY shop for) would only include 2 months worth of loss of rent. Other carriers were limiting to 6 months.
Can someone please recommend me a good insurance company that covers lost rental income preferably in Florida.
I would really like to know how you guys survived the Pandemic since there were Lockdowns and many people lost their Jobs and thus could not pay rent.
These policies pay out lost rent on a property damage claim. There was a fire and the unit needed to be vacant for 6 months for repairs. This policy will pay that 6 months of lost rent. It doesn't pay out lost rent when your tenant is just a deadbeat.
You can find policies out there that will "bond tenants". Basically cover lost rent if they stop paying. These appear to usually be bundled with security deposit replacement coverage.
As for surviving the pandemic, MANY didn't. The number of mom & pop landlords leaving the business soared during and shortly after this time. Local governments haven't a clue as to the dramatic shift in the business they caused and ultimately higher rents and tighter standards they created.
Can someone please recommend me a good insurance company that covers lost rental income preferably in Florida.
I would really like to know how you guys survived the Pandemic since there were Lockdowns and many people lost their Jobs and thus could not pay rent.
These policies pay out lost rent on a property damage claim. There was a fire and the unit needed to be vacant for 6 months for repairs. This policy will pay that 6 months of lost rent. It doesn't pay out lost rent when your tenant is just a deadbeat.
You can find policies out there that will "bond tenants". Basically cover lost rent if they stop paying. These appear to usually be bundled with security deposit replacement coverage.
As for surviving the pandemic, MANY didn't. The number of mom & pop landlords leaving the business soared during and shortly after this time. Local governments haven't a clue as to the dramatic shift in the business they caused and ultimately higher rents and tighter standards they created.