US: Amount payable to an insured homeowner for loss of rental income due to damage that makes the premises uninhabitable.
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An amount payable to an insured homeowner for loss of rental income due to damage that makes the premises uninhabitable.
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Fair rental value is a provision in the additional living expense coverage in a homeowners policy. The coverage pays the rental income a homeowner looses if part of the dwelling was rented to a tenant and an insured peril has caused the home to become uninhabitable. (See Homeowners).