When it comes to concerns related to becoming a landlord, there are few greater worries than that of not bringing in rental income. Most people can’t afford to miss one month of rental income, let alone six months to a year. And unfortunately, this is more common than one might think. The good news is that loss of rent insurance can be found on such sites as https://www.rentrescue.com. While it may not cover all rental income losses, it does cover a lot of them.
There are several reasons why a tenant may abandon their rental property. Some of these reasons include:
- Military Deployment
- Family Emergency
- Serious Illness
Although individual policies vary, loss of rent insurance may pay anywhere from 1 – 6 months of lost rent under these kinds of circumstances.
Evictions happen, and they happen for a number of different reasons that range from selling a property to not adhering to noise curfew regulations. Under some circumstances, landlords may get reimbursed for the total amount of rent after a resident is evicted.
Landlord and tenant arguments sometimes lead to legal action, which comes with pretty hefty fees. Whether it’s attorney fees, filing fees or court costs, an insurance policy could help with some of these expenses.