If you're a property owner and you make a living renting on short-term platforms like Airbnb and VRBO, sudden damage to the property could make it uninhabitable for tenants – and put a huge hole in your cash flow. Landlord insurance will cover the damage to the property, but many landlords wonder: does it also cover the lost rental income they would have received if the property was available?
At Steadily, the answer is yes. Our landlord insurance policies include loss of rent coverage as part of the standard package. This means if your rental property becomes uninhabitable due to covered damage like fire, storms, or vandalism, we’ll help replace your lost rental income while repairs are underway.
Not every insurance company includes this protection by default. Many landlords are surprised to learn they would need to purchase it as an add-on elsewhere.
What Is Loss of Rent Coverage?
Loss of rent coverage, also called rental income protection, helps landlords recover lost rental income when their property can’t be rented because of covered damage. Examples of covered events include:
This coverage ensures landlords can keep up with mortgage payments and other expenses while repairs are made. At Steadily, we include loss of rent in our standard landlord policies so you don’t have to worry about a gap in protection.
When Does Steadily Cover Loss of Rent?
Our landlord insurance covers loss of rent when:
- Your rental suffers damage from a covered peril
- The damage makes the property uninhabitable
- Repairs prevent you from collecting rent as outlined in your lease agreement
Coverage lasts for the duration of repairs, subject to policy limits.
What’s Not Covered?
Even with loss of rent included, it’s important to know what isn’t covered. Steadily’s landlord policies do not replace rent lost due to:
- Tenant nonpayment
- Vacancies between tenants
- Evictions or lease disputes
- Damage from excluded perils like floods or earthquakes (separate policies are needed for those risks)
If you want to protect against tenant nonpayment, consider alternative products like rent guarantee insurance.
How Much Does Loss of Rent Coverage Pay?
Steadily reimburses the fair rental value of your property for the time it’s uninhabitable, up to your policy’s stated limits. The actual payout depends on:
- Your property’s rental income
- The length of time repairs take
- Policy coverage limits
Why Steadily Includes Loss of Rent Coverage
Not all insurers provide this critical protection as part of their landlord insurance. At Steadily, we recognize how disruptive a vacancy caused by property damage can be for landlords. That’s why we include loss of rent coverage automatically in our policies.
This is especially important for landlords in high-risk areas like:
- Texas – where hurricanes and flooding often leave rentals vacant for months
- Florida – where severe storms can cause widespread property damage
- California – where wildfires are increasingly common
How to Get Loss of Rent Coverage With Steadily
Getting covered is simple. Loss of rent protection comes standard with every Steadily landlord policy, so you don’t need to add it separately.
Get a quote today and see how fast and affordable it can be to protect your rental income.
FAQs
Does Steadily landlord insurance cover tenants not paying rent?
No. Loss of rent coverage applies when the property is uninhabitable due to covered damage, not when tenants fail to pay.
How long does loss of rent coverage last?
Coverage continues for the time needed to complete repairs, up to your policy limits.
Is loss of rent coverage included automatically?
Yes. Steadily includes loss of rent in all landlord insurance policies at no extra cost.
Can I get loss of rent coverage for short-term rentals?
Yes. Steadily offers landlord insurance for a variety of rental types, including short-term and mid-term rentals.
Final Thoughts
Loss of rent coverage is an essential safeguard for landlords who rely on rental income. At Steadily, we include this coverage in every landlord policy because we know how critical it is to keep your investment protected.
Get a quote from Steadily today and see how we make landlord insurance fast, affordable, and comprehensive.
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