Although Hurricane Matthew didn’t affect our area in Frederick, Maryland, our team at Lebherz Insurance Agency thought that it would be important for you to know your options with home insurance. Of course, your home insurance helps you if you experience a covered loss, but did you know about the additional living expense component that may help you cover some displacement costs? Keep reading to learn how this coverage helps you and your family during a disaster.
What Is Additional Living Expenses Coverage?
Additional living expense coverage is a component of your insurance that helps cover the costs associated with living in a comparable home when you can’t live in your home due to damage. The additional living expense component will generally cover the expenses that exceed your normal expenses following a loss. In general, you may qualify for additional living expenses if you had to find a hotel and couldn’t stay in your home.
Know Your Coverage for Home Insurance
Of course, additional living expenses are limited. In most instances, your coverage is limited to a certain percentage of your home insurance coverage. Additionally, once your home is repaired or replaced, you are no longer covered by the coverage.
Additionally, as a homeowner in Frederick, Maryland, the additional living expense coverage is a reimbursement; you get a check after you’ve covered the costs. With that in mind, it’s important that your family takes the necessary steps to remain prepared for natural disasters and other emergencies. In addition to having a first aid kit handy and important documents, you should have the financial means to protect your family from imminent danger.
If you are in the market for home insurance or you simply want to compare rates, don’t hesitate to give our team at Lebherz Insurance Agency a call. We pride ourselves on offering a suite of competitive insurance products that can help you protect your family and your assets.