Landlord Insurance policies can help in a variety of ways, often providing much-needed padding if anything should happen that would cause a loss of rent. Loss of rent insurance typically will cover the loss of rent if there is damage to the property that has caused the tenant to move out during repairs. In most cases, it will cover the duration of the repair. Some insurance policies include this as standard, but at times it comes as an add-on.
Rent guarantee insurance is there to provide coverage for a variety of things that could happen. There are different types to cover the different possible events. It's designed to cover loss of rent due to length evictions, abandonment, the death of a tenant, a tenant moving away due to military service, etc etc... This is a much more flexible insurance policy.
Often the insurance agency will not cover you if you do not provide due diligence to make sure that the tenant is not a risky tenant to rent to.
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