If some disaster strikes your house and you need to live elsewhere for a while, additional living expense coverage may come to your rescue. Dom from Jerry explains what it covers in our latest Home Insurance 101 video.
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If disaster strikes and your home becomes uninhabitable, you need a backup plan. This is where “additional living expense” coverage kicks in.
Additional living expense is a coverage type found in most home insurance policies. It helps pay for temporary living expenses when you have to stay somewhere else while your home is being fixed or rebuilt. It may kick in if your home is damaged by a common peril listed in your home insurance policy, such as:
— Fire and smoke damage
— Windstorms
— Vandalism
— Falling objects
— Or water damage from a burst pipe
Additional living expense coverage may reimburse you for things like:
— Temporary housing or hotel fees
— Restaurant bills
— Parking costs
— Storage unit costs
— And boarding costs for pets
Be sure to keep records of your expenses and save your receipts. Without receipts, you won’t be reimbursed.
Most home insurance policies cap additional living expenses at 20% of your dwelling coverage. Dwelling coverage is the portion of your policy that covers the costs to repair or rebuild your home.
Most home insurance policies also put a limit on how long additional living expense coverage will last. Check with your provider to determine the length of your coverage.
No one wants to think of the possibility that they could be displaced from their home. But additional living expense coverage can provide peace of mind should the worst happen.
