If your property becomes uninhabitable due to a covered loss, Fair Rental Income may cover the income you would have received from your tenants—all the way up to 12 months of lost rental income. It's valuable protection and there's no deductible.
When you're looking for landlord insurance or rental property insurance, it's important to find a policy that covers your rental unit and personal property against fire, wind damage, lightning, liability issues, and other common claims. Allstate Landlord Property Insurance coverage does that, but takes your protection a step further with Fair Rental Income.
Why is that significant? Imagine what would happen if your rental property were damaged by a covered loss and your renters couldn't live there. Typical landlord insurance policies might reimburse you for the costs of repairing the walls, the floor, and the appliances. But what about the monthly income from your renters? Allstate's Fair Rental Income coverage steps in to help the cashflow you count on, which is especially important if you depend on renters to pay the mortgage on your rental property.
Allstate's Landlord Property Insurance covers most common claims like fire, lightning, pipe damage, and many more. There is also additional protection like debris removal, fire department charges, and others.
Keep in mind that your rental property insurance policy typically doesn't cover loss of income due to a tenant breaking or cancelling a lease. And in some states, your Fair Rental Income will be capped at 10% of the value of your building. For help getting a rental insurance policy that protects your property and your savings, talk to an Allstate agent.
For help with protecting your rental properties and your wallet-as well as information about discounts when you also insure your home and auto with Allstate-find an agent or call us a 1-800- ALLSTATE
Published: February 2012