Why You Need Additional Living Expense Coverage On Renter's Insurance
When you first buy renter's insurance for your home or apartment, you may opt for the basic package. This will cover certain aspects of damage in your rental or to your property in the rental. However, there are some aspects of the damage it may not cover. When you read your policy options, you may notice a section of additional living expenses coverage. If you've never heard of this, here are some key points and benefits of supplemental renter's insurance.
Hotel Accommodations
There are instances where dangerous weather conditions may cause problems with your rental property. Flooding, fire, and other issues may cause you to have to leave the rental property until it is repaired. There may be issues that occur due to repairs not being handled properly. These issues can lead to leaks and extensive damage, making the property difficult to live in. In these cases, your additional living expense insurance can cover your hotel stay, temporary rental property, and other aspects of lodging. Keep in mind that some insurance policies will only cover certain hotels and for a specified amount of time. Your rental insurance representative can inform you of a list of the hotels and how much is covered for each.
Food Coverage
An additional expense that some renter's insurance living expense policies will cover is food. If you are having to pay higher prices for food and that cost is due to being temporarily displaced, you may be able to be reimbursed. Each policy is different and should be reviewed carefully. You should note exactly what food and daily expenses are covered on the policy. You should also note how you need to file for reimbursement for these extra expenses. By keeping these key points in mind, you can calmly handle the situation when it does arise.
Travel Coverage
Travel coverage may be offered under certain conditions. These conditions may include how far the new accommodations are from your normal residence. The coverage may also pertain to the mileage difference between work or school and your new location. Your insurance should detail why and when this type of travel expense is covered. It should also detail the paperwork they need to activate this portion of your policy.
If you believe that you may need anything covered by the additional living expense renter's insurance, discuss the option with your insurance sales team. They can assist you with how you may personally benefit from this insurance and what to know about adding it to your existing renter's insurance policy.
For more information, contact a local provider, like Woodmansee Insurance Inc.
