Definitions for "Rental Value"
The worth of the right to use and occupy property for a stated period; the amount of rent that a reasonable and prudent tenant would be warranted in paying and that a reasonable and prudent lessor would be justified in accepting, for a stated period of time, provided both parties were fully informed and acted voluntarily and intelligently. See also Market Rent.
An indirect property coverage available under Dwelling and Homeowners policies and also available with certain commercial contracts which reimburses the insured for rents lost when rented property is damaged by a peril insured against.
The rent that a property might reasonably be expected to command in the open market at a given time, subject to the terms of the lease.