What Does Loss Of Use Mean For Homeowners Insurance?
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482In many cases, you will find this as a listed coverage part on your policy. This coverage provides for any extra expenses that you and your family may face in the event you have to life elsewhere while your home is being repaired or re built after a covered loss. This coverage is over and above the cost to reconstruct your home and replace lost personal property.Answered on April 30, 2014flag this answer
820 POINTSview profilePete WittmanPresident, The Wittman Group, TennesseeOften referred to as COVERAGE D, Loss of Use is coverage on your homeowners insurance that covers the cost of losing the use of your home. For example, a fire in your home has caused significant fire & smoke damage, making the house unlivable until repairs are complete. You would need to temporarily move out - maybe to a Residence Inn or hotel. The cost for food, hotel, etc would be covered under loss of use. Most policies have some limit beside COVERAGE D, but if your policy indicates "ALS", which is Actual Loss Sustained, this is the broadest coverage.Answered on April 30, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaAny loss is a complicated process. Repairing a damaged home takes time. The family might be displaced because the residence is uninhabitable. Loss of use is a policy provision to help you through this period of time. It is at this time that you will fully appreciate the value of your homeowner’s policy.Answered on April 30, 2014flag this answer- 14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482"Loss of Use" coverage in a Homeowners' policy provides coverage for you and your family in the event that your home is severely enough damaged by a covered peril that you can no longer reside in your home. The coverage provides money to pay for extra expenses over and above your normal living expenses. The cost to rent an alternative home, extra food or travel related expenses, laundry expenses are all examples of the things this policy item can cover. Talk to your Insurance Professional about the details of your policy.Answered on September 16, 2014flag this answer
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