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AT- Know the basics about Home Insurance
For a large number of Indians, buying their own home is an uphill task given the high cost of real estate especially in the major metros. Renting property is the only alternative that they are left with. For real estate investors, however, this segment represents a large market in terms of rental income.
Buying property for renting out ensures stable income for them even as the value of the property appreciates steadily. However, what happens when such rented or let out property is damaged in an unforeseen event? It is always better to be prepared for such situations with a loss of rent cover.
What is Loss of Rent Cover?
From an unexpected fire to a host of natural calamities, your rental property and its potential to earn income is constantly at risk. If your rented property is damaged due to a natural or man-made calamity, your tenant will need to vacate the property as it will not be liveable.
This can interrupt your rental income indefinitely. In such conditions, your Loss of Rent cover will compensate you for the amount you lose by way of rent until your property is liveable again.
Reasons why Loss of Rent Cover is needed-
● Protects Returns On Investment- Loss of Rent Covers safeguards the returns on investment that is expected from a residential or commercial rental property. It enables the owner of the property to ensure that sunk costs in terms of maintenance and repair are absorbed in the absence of regular rental income.
This enables the property owner to carry out the necessary repairs without worry and resume earning rent from it.
● Reduces business risk- If you are a professional real estate investor managing a portfolio of multiple commercial properties, you face significant risk in terms of sabotage by tenants. Loss of Rent coverage helps you protect yourself from such losses.
For more information, visit our Home Insurance page.
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