Did you know that both homeowners & renters policies often provide coverage for Additional Living Expenses after suffering fire or water damage? Yes, in most cases this coverage is included within an insurance policy quote without requesting it!
Unfortunately, water damage or fire damage can occur without notice & can make one’s home unlivable. There’s an insurance agent that has coverage for that. Learn more…
Adulting 101: Be Prepared for the Unplanned
No one wants to talk about it, but something sudden & accidental can happen in your home that may cause it to not be livable for a while. While trusted mitigation & restoration professionals work hard to make it like whatever sudden & accidental never happened, you & your family will need a place to live.
Let’s make sure that you have an insurance policy in place that has coverage for that!…
Additional Living Expenses, What & Why…
Additional Living Expenses, otherwise known as loss of use coverage is included in my homeowners & renters insurance policies.
This coverage helps you as a policyholder with the extra costs of living away from your residence if it becomes impossible to live in after something sudden & accidental that is covered by insurance policies such as a pipe break or cooking fire. It’s designed to assist you in maintaining a similar standard of living to what you had before the covered loss occurred.
Attention Renters: You Need ALE ASAP
Believe it or not, many renters do not have an insurance policy in place to protect that personal property if/when something sudden & accidental occurs, let alone Additional Living Expenses.
Additional Living Expenses may include expenses such as temporary housing or rental costs, hotel stays, meals, storage fees for personal property not affected by whatever sudden & accidental occurred &/or other necessary living expenses.
The ALE Adulting 101 Rundown…
While the Additional Living Expenses that insurance coverage can provide are both useful & great, there are usually limits. During the claims process your insurance adjuster should go over the limits in place within your policy. If not, be sure to ask. As a backup, you can reach out to the insurance agent who sold you your policy for coverage questions.
Again, this coverage is not in place unless you are properly insured. While homeowners insurance is a no-brainer for homeowners, somehow renters continue to overlook renters insurance. Step #1 is having an insurance policy. Step #2 is understanding the policy that your insurance agent has sold you & making sure that if something sudden & accidental does prevent you from temporarily living in your residence you have coverage to live elsewhere when restoration services are being provided.
Are you a renter without a renters policy? Email us at info@wasitsuddenandaccidental.com for a referral.
Are you a homeowner or renter who has questions about what is included in your insurance policy? Email us at info@wasitsuddenandaccidental.com for help to get in touch with your agent &/or a referral to a new agent that might be a better fit.
