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saraghubar1 · Joined: 14 Jul 2010 Posts: 1 1.00 Dollars($)

I am in the process of refinancing a home which was once my primary home and is now an investment property. The bank insist on a rental loss insurance of 6 months in the home owner's policy. The home is a condo and is insured as delivered by the builder in a master condo insurance plan which is paid via the HOA.
Is it common to have this type of insurance? and are there companies that you would recommend that would be able to just cover rental loss insurance?
Does rental loss insurance cover if a tenant were to leave without notice?

smithsussane · Posted: Wed Jul 14, 2010 8:26 pm Post subject:

Hi saraghubar!

Welcome to forums!

Did you inform your present lender about the master condo insurance plan? If not, then I would suggest you to inform your lender about the same and check out whether or not he still insists on having a rental loss insurance of 6 months in the home owner's policy. If your lender still insists about it, then you need to go for the rental policy. As far as I know, the rental loss insurance will cover you if a tenant leaves the property without any prior notice.

Feel free to ask if you've further queries.

Sussane

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Rental insurance loss