Loss of Rent and Rent for Alternative Accomodation under a standard Home Insurance Policy

The Insurer will pay the amount of rent You lose or alternative rent You pay while Your Home Building is not fit for living because of physical loss arising out of an Insured Event as follows: 

a. If You are living in Your Home as a tenant, and You are required to pay higher rent for the alternative accommodation, the Insurer will pay the difference between the rent for alternative accommodation and the rent of Your Home Building. 

b. The insurer will pay the loss under this cover for an accommodation that is not superior to Your Home Building in any way and in the same city as Your Home Building. 

c. The amount of lost rent shall be calculated as follows: Sum Insured for Cover for Loss of Rent (as declared by You in the Proposal Form and specified by Us in the Policy Schedule) X Period necessary for repairs ÷ Loss of Rent Period opted for. 

d. This cover will be available for the reasonable time required to repair Your Home Building to make it fit for living. The maximum period of this cover is three years from the date Your Home Building becomes unfit for living. You must submit a certificate from an architect or the local authority to show that Your Home Building is not fit for living. 

e. Claim for loss of rent will be accepted only if the Insurer has accepted Your claim for loss for physical damage to Your Home under the Home Building Cover