Home insurance policies will protect you from more than physical damages and liability claims.
Additional Living Expenses is a coverage that is included in most home insurance as well. This coverage kicks in when you have to leave your residence because of a natural disaster, a government mandate to evacuate or some other threatening situation.
There are three categories of the Additional Living Expenses coverage that we will go over:
The Additional Living Expenses:
This usually covers expenses you will face such as food, staying at a hotel, rental home expenses, and other costs that you would normally not encounter while living in your home. These are reasonable expenses that you will encounter because you had to leave your home.
Fair Rental Value:
This category covers a part of your home that you are renting out to someone. Your tenant cannot continue to reside in the home due to damages that have made the property unsafe and therefore you have lost the income from renting until the property has been totally restored to a safe and livable condition.
This category pays for your additional living expenses because you and your family were forced to leave your residence because of an emergency, a situation that has taken place at a neighbours' home, or the government has issued an evacuation due to a natural disaster or a nearby threatening event.
You should contact your insurance provider to learn more about this policy and how it can help you in an emergency situation.
To check our service, please visit www.csinsurance.ca
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