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is there insurance for income loss due to broken lease

Posted on: 22nd Nov, 2007 04:00 am
loss of income ,because renters broke lease and moved out
Hello Mrbillthomas,

Why has your tenant broken the lease? Is your property not in a good condition?

The rent loss insurance could come to your help if you lose your income from rent due to damaged property. But that should have been done when you had purchased the property.

You may find more information on this insurance here at http://www.mortgagefit.com/rent-insurance.html
You may have a look at it.

There are insurances that cover loss of rent due to some accidents like fire. In this case the tenant has to legitimately break the lease agreement as a direct result of the disaster.
Posted on: 22nd Nov, 2007 04:44 am
I am looking for info on loss of income ,when someone breaks a lease and leaves for personal reasons,not because the unit is damaged.
Posted on: 22nd Nov, 2007 05:27 am
Hi Mrbillthomas,

I think the rent loss insurance is only applicable if the house is damaged due to fire or other hazards. It may not be applicable if your tenant breaks a lease and leaves for personal reasons. You can sue against him as he breaks the lease.

Thanks,
Larry
Posted on: 23rd Nov, 2007 04:28 am
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