In the context of home insurance, fair rental value refers to the coverage provided for the potential rental income that a homeowner could lose due to a covered loss or damage to their property. This coverage is designed to compensate the homeowner for the rental income they would have received if their property becomes uninhabitable due to a covered peril, such as a fire or natural disaster. It is important to note that fair rental value coverage typically applies when the property is temporarily uninhabitable and the homeowner is unable to collect rental income. This coverage is separate from the coverage for the repair or replacement of the property itself. It is essential for homeowners to carefully review their insurance policy to understand the specific terms and limits of fair rental value coverage to ensure they have adequate protection in the event of a covered loss.