Additional Living Expenses Basics

Having your home seriously damaged can be extremely stressful and sad. Along with dealing with the loss of personal possessions, you would also have to deal with finding and paying for a new place to live while your home is being repaired. Luckily, additional living expense coverage with your homeowner’s insurance policy will help to cover your living expenses while your home is being repaired.

Additional living expenses coverage will pay for any increased expenses that are incurred while you are not living at home. This can be anything from an increased food bill each month to eating out more if you are not able to cook where you are staying. If you were renting out part of your home to a tenant when it wasn’t damaged as extra income, the additional living expenses may also cover the rent that you miss out on. Additional living expenses coverage is meant to provide coverage for the extra money you have to spend when you cannot live in your house for a temporary amount of time while it is being repaired.

It is important to keep in mind that additional living expenses will only provide coverage for any increased costs to keep up with your current lifestyle while you are displaced. The coverage will not pay for a more lavish lifestyle or living situation while you are displaced. If the costs do not increase, or even decrease, your insurance may not provide any coverage while you are not living at home.

For all of your homeowners insurance coverage needs and to ensure that you are protected from any peril, contact the insurance professionals at Michelle Lim Insurance Services Insurance in Alhambra, California. We will work with you to ensure that you have the right coverage options, all at the right price.