Do I need to switch my homeowners policy if I rent out my house?

Yes, you must notify your carrier and switch to a landlord dwelling policy.

How long does loss of rents pay after a Georgia fire or storm?

Loss of rents pays from the date of covered damage until repairs finish or the policy time or dollar limit is reached, whichever comes first.

What do we use Steadily Insurance for in Georgia?

Steadily Insurance is a non-admitted excess and surplus lines carrier specializing in landlord and short-term rental insurance.

What is the difference between a landlord policy and homeowners insurance?

A landlord dwelling policy covers your rental property's structure, your liability as the property owner, and loss of rental income.

What does a Georgia landlord insurance policy actually cover?

A landlord policy covers the dwelling structure, other structures on the property, loss of rents, and premises liability.

Landlord FAQs

What does loss of rents coverage do on a landlord policy?

All FAQs

Quick answer: Loss of rents coverage pays the rental income you would have collected while your property is being repaired after a covered loss.

Loss of rents coverage replaces the rental income you lose when a covered loss makes your property temporarily uninhabitable. It is part of most landlord insurance policies and one of the most consequential protections for owners who depend on rent to cover the mortgage, taxes, and carrying costs.

How does loss of rents coverage work?

When a covered event damages a rental unit badly enough that the tenant cannot live there, rent stops. Repairs can take weeks or months. The mortgage, property taxes, and premiums keep coming due regardless. Loss of rents coverage pays the fair rental value of the unit for the restoration period, the time it reasonably takes to repair the property and return it to rentable condition.

For example, a tornado damages the roof of a rental home in Forsyth County. The tenant vacates. Repairs take three months. The landlord's mortgage does not pause. Loss of rents coverage pays three months' fair rental value, keeping the property cash-flow neutral instead of forcing the owner to cover expenses out of pocket.

What affects how much loss of rents a landlord actually receives?

Coverage limit: the limit should reflect actual monthly rent multiplied by a realistic repair timeline. A cap set too low leaves a gap. Review it annually as rents rise.
Triggering cause: loss of rents only pays if the damage was caused by a covered peril. If the policy excludes flood and flooding caused the damage, loss of rents does not apply.
Waiting period: some policies include a waiting period, often 72 hours, before benefits begin. This affects the actual recovery.
Restoration period definition: policies differ on whether the clock stops when repairs finish or when the unit is re-rented. The distinction can shift the payout by weeks.
Vacancy clause: most policies will not pay loss of rents if the unit was already vacant when damage occurred. Many suspend this coverage after the property sits empty for 30 to 60 days.

What is the difference between loss of rents and loss of use coverage?

Loss of rents coverage compensates the property owner for income lost while the unit is off the market. Additional living expenses coverage, sometimes called loss of use on a homeowners or renters policy, reimburses a displaced resident for extra costs. The two serve different parties. A landlord files a loss of rents claim; a tenant files an additional living expenses claim.

For example, if a fire damages a rental home in Marietta, the landlord's loss of rents coverage pays the owner for the months the unit sits vacant during repairs. The tenant's renters policy pays the tenant for a hotel or temporary apartment during that same period.

Does every landlord policy include an extended indemnity option?

Some policies offer an extended period of indemnity endorsement that continues payments for a short window after repairs finish, covering the time it takes to find a replacement tenant. This is not included by default in most landlord policies and must be added separately.

A licensed advisor can verify that your landlord policy includes loss of rents, confirm the limit matches your actual rent, and identify any exclusions or waiting periods that apply. Request a free coverage review to go through the details with our team.