is designed to gather information needed to provide you an accurate insurance quote on dwellings (one-family through four-family), condominium units, and town homes that you own, but which you lease out to a tenant or tenants. Vacant dwellings are not eligible for coverage in this program.
A minimum of information is required. Change default entries if applicable.
Questions may be directed to Chris Bloxsom with GBMB via telephone at (210) 366-5094 or via email at chrisb@gbmbinsurance.com.
Replacement cost refers to the amount it would cost to rebuild your dwelling from the ground up after a loss. Replacement cost is often not the same as the purchase price, since the cost of replacing the dwelling may have increased or decreased since the time of purchase.
Loss of rents insurance reimburses you for rental income you would have otherwise had if your building had not been damaged and made uninhabitable by a direct physical loss which is covered by your policy.
If the damage which caused the loss of rental income is not covered under your policy, there is no coverage for loss of rents under the policy. If your building is not insured for earthquake, for instance, you would not have loss of rents coverage for earthquake damame.
Loss of rents coverage under this policy is based on a 1/6 monthly limitation. This means that the most you could claim in any 30-day period is the loss of rents limit divided by 6. The loss of rents limit you select should be no less than your monthly rental income times 6.
Remember that it is your responsibility to prove any claim of lost income. If you are interested in Los of Rents coverage, feel free to discuss limits and coverage conditions with the servicing agent.