Fortunately, in most cases the insurer will reimburse this loss of income if loss of rent is the result of a covered event on comprehensive perils insurance.
Damage assessment is based on the rental value, i.e. the rent, of the property. This is insured by default up to 10% of the sum insured for up to one year if rebuilding or repair is undertaken.
In some cases, the standard period or amount of the sum insured may not be sufficient.
This can be tested as follows:
1. The time period must be appropriate to the period during which the leased building can be rebuilt after damage and during which time the landlord receives no or less rent.
2. The insured interest should be matched to the total amount of rent receivable over that period.
Especially given the increasing delivery times and price increases of construction materials, it may pay to evaluate loss of rent. Coverage can be adjusted based on each specific situation so you don't lose rental income.
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