Temporary Living Expenses
If your home becomes so damaged by fire, storm or other peril that it becomes unlivable, have you considered where you would live in the interim? It could take months for a home to be rebuilt or repaired satisfactorily enough to live in.
If you need to live somewhere else temporarily it could be a huge financial burden for you. If you have additional living expenses stemming from damage to your property, your homeowners insurance in most cases will provide you with some coverage. The monetary compensation amount for additional living expenses varies, depending on the coverage. You will generally have these options:
- Additional living expense reimbursement of up to a certain percentage of the total amount of your policy, usually 20 percent
- Unlimited living expenses coverage for a specific limited period of time
You may be able to purchase additional living expense coverage on your homeowners insurance policy if you feel the current provisions in your contract may not be adequate.
Sources
- What is in a standard homeowners insurance policy? Retrieved May 28, 2008, from http://www.iii.org/individuals/homei/hbasics/whatisin/
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