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INSURANCE LAW - Property Insurance
Related Topics : Auto Insurance . Business Insurance . Disability Insurance . Health Insurance . Insurer's Bad Faith . Life Insurance Law . Property Insurance

Loss Of Rent
[applicable to Houseowners and/or Householders]

Section IIIA

Loss of Rent cover is automatically give, under Section IIIA, if you buy either the Houseowners (for building) and/or Householders (for contents) insurance.

The loss of rent must be actually incurred as a result of damage to the insured building or the building containing the insured contents caused by one of the insured perils to render it uninhabitable.

The compensation payable will differ depending on the following :
If you are the owner and you live in your own house, you will be paid reasonable additional expense incurred, if you have to move to a hotel whilst your house is uninhabitable or
If you are the owner but you have rented your house to somebody else, you will be paid the actual loss of rent, if you tenant have to move out while your house is rendered uninhabitable
If you are the tenant but not the owner of the house, you will be paid reasonable additional expense incurred, if you have to move to a hotel whilst the house is uninhabitable

Note that the compensation is payable only for the period the building is rendered uninhabitable as a result of the damage. This means that compensation will not be paid after your house has been completely repaired and rendered habitable again, although you may still not have a tenant.

The cover provided under this section is however, limited to 10% of the total sum insured on building and/or contents.

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