Don’t let catastrophic damage to your rental property impact your income. Instead, protect yourself with loss of rent coverage.
If a catastrophic event like a fire or flood causes damage to your rental property, are you prepared? If such an event renders your property uninhabitable and the tenant is forced to seek residence elsewhere, you will no longer be able to charge them for rent.
As an example, the recent fires in Honolulu displaced some tenants for up to four months. For the property owners, this translates to four months of rental payments lost. Thankfully, there is a way for you to protect your income in such scenarios.
“When unexpected disaster leaves rental properties uninhabitable, loss of rent insurance can help.”
When unexpected disaster leaves rental properties uninhabitable, loss of rent insurance can help. This coverage compensates rental owners at face value of the lease amount. Your insurance agent will be able to elaborate on the specifics of this coverage and how it could be helpful for you.
If you have any other questions or would like more information, feel free to give us a call, send us an email, or visit our website: www.hipacificpm.com. We look forward to hearing from you soon.