What are the conditions for rent loss coverage to kick in?

[Gaurav A.]

Usually what are the conditions for rent loss coverage to kick in? 

- renters job loss? 

- major property repair ? 

- renter eviction, where renter did not pay past months rent? 

Aware of insurance providers that provide that ?

[Kevin Hoag]

Hey @Gaurav A. Insurance will not cover any of the items you mentioned. Those items are just some of the non-insurable risks we take as landlords. To prevent those items I suggest lots of tenant screening questions (back-round check, credit check, eviction search and income verification) and an annual maintenance plan on your properties. 

To answer you question "Loss of Rents" coverage will kick in when you suffer a covered claim that makes the property Inhabitable. If the tenants must move out of the property for a set time frame or possibly have to break the lease completely because the damage is catastrophic then loss of rents will kick in.  I suggest having at minimum 1 year of rent rolls for your Loss of Rents coverage. If you can go with 18 or 24 months. It is a great coverage item that should never be over looked.