With 61.6% owner-occupied, Avondale has a substantial rental stock. The coverage owners most often believe they have, and most often do not, is protection against a tenant who simply stops paying.
Loss of rent pays when an insured loss makes the property unrentable. It does not pay for non-payment.
Three things about income from a property, and which of them insurance touches.
This cover responds when fire, water or another insured peril makes the property uninhabitable, paying the rent you would have received while it is repaired. A tenant who loses a job and stops paying has not caused an insured loss, so nothing responds. The two situations feel identical to an owner and are entirely different to a policy.
Legal fees, court time and the cost of recovering possession are business expenses of being a landlord. Some specialist products address them; a standard landlord policy does not, and expecting it to is a common and expensive assumption.
Where a tenant causes damage that exceeds the deposit, that can be a claim on your policy if it meets the definition of a covered peril and is not ordinary wear. Vandalism by a tenant is covered on some forms and excluded on others, which is a specific thing to check rather than assume.
The boundary between an insurance problem and a business problem.
Both stated separately. Worth setting against the actual rent rather than a default.
It varies by form more than almost anything else on a landlord policy.
A lease requirement costs you nothing and moves a great deal of exposure off your policy.
Tell us the monthly rent and whether the lease requires tenants to carry their own policy.
We set loss of rent against the real rent and tell you what it will not do.
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