What Does Additional Living Expenses Coverage Cover?
Additional living expenses coverage will save your sanity. If your home is damaged and your are not able to live there while the repairs are being made - the additional living expenses coverage of your homeowners insurance policy will give you money to stay in a hotel or other location. Imagine a fire leaves your home with smoke and water damage. Now imagine having to call your mother and ask if you, your wife and three children can come and stay in the basement recreation room. This is definitely not the way you want to spend the next month or two while recovering from the stress of the fire.
This coverage, and others such as medical payments coverage, can be found with almost any homeowners insurance policy. For a small added expense you will be protected if your home is ever deemed uninhabitable for a short amount of time. When you are shopping for quotes online you can compare rates that include additional living expenses coverage. If a disaster ever strikes your home - you will be glad you took the extra time to purchase this valuable coverage.
Temporary Housing after a Disaster
If you know someone who has been the victim of a flood or fire you understand the importance of additional living expenses coverage. If your home is damaged and left unsafe for you to reside there - you will either need to inconvenience family or friends or pay to stay in a hotel or motel. When you are faced with a disaster the last thing you want to worry about is how you are going to afford for your family to stay in a hotel for several weeks or more. You may know family or friends who were unable to afford that type of expense and ended living in the cramped quarters of another family member. This will add to the stress of the situation and make your recovery that much more difficult.
With additional living expenses coverage your homeowners insurance company will pay a reasonable amount for your temporary living arrangements. There is usually a maximum amount of coverage - but it should still provide you with the time you need to find other more long term accommodations. No one wants to be forced out of their home and into strange surroundings - although the alternative of living in your car or your friends garage is also not appealing. Spend the few extra dollars each month for additional living expenses coverage and you will not regret it.
Additional Living Expenses
Not only will you need an alternate place to live if your home is damaged, but you will also have the added expense of eating out at restaurants and taking care of other daily needs. You may need to buy clothing or you may have additional expenses for gas or daycare. Once you speak to your homeowners insurance policy you will know exactly what they will help cover and what is not considered an insurable expense.
When you are searching for your homeowners insurance policy online make sure you compare the quotes for different types of coverage included on the policy. There are a lot of options and there may be significant differences in the premium amounts based on the type of coverage. You will definitely want to make sure you are covered for additional living expenses. This will make your life much easier if you are faced with a fire, flood or other hazard. Go online today to compare rates for several different companies. You will be able to find a great policy with additional living expenses coverage for a cost you can afford.