What Your Insurance Won't Tell You About Additional Living Expense
When purchasing an insurance policy, you may think that you are protected from any instance that may cause property damage. However, there's one tricky part of your policy that you might not be aware of, and that is the additional living expense. You might assume that your insurance company will cover all of the costs associated with temporary living arrangements after a loss. But the truth is, your insurance won't tell you everything about additional living expense unless you ask. In this blog post, we will be discussing the unspoken parts of additional living expense that you need to know about.
1. Limited coverage
Your insurance policy will typically have a limit on how much they will cover for additional living expenses. This limit is usually a percentage of your overall coverage and may not be enough to cover all the expenses. Make sure you know what this limit is and plan accordingly.
2. Qualification requirements
To qualify for additional living expenses, your home must be uninhabitable. If you can still use essential parts of your home like your kitchen and bathroom, your insurance company may not see the need for additional living expenses.
3. Caps on time and costs
Your insurance will only cover additional living expenses for a specific amount of time. Once that time is up, you are on your own for any additional costs. Make sure you understand the time limits and costs of your policy.
4. Limits to what is covered
Not all additional living expenses will be covered by your insurance. Items such as meals, transportation, and pet boarding may not be covered, or there may be limits on the amount the insurance will pay.
5. Reimbursement not guaranteed
Your insurance may require receipts for all expenses before they will consider reimbursement. Make sure you keep track of all expenses and understand the reimbursement process to ensure you get the funds you deserve.
Conclusion
In conclusion, additional living expense coverage can be complicated, and it is essential to understand what your insurance will and won't cover. Don't wait until disaster strikes to find out how much support you'll receive from your insurer. Take time now to review your policy and make sure you are fully prepared in the unfortunate event of a loss. If you're unsure about any aspect of your policy, don't hesitate to contact your insurance agent or a public adjuster to get the facts you need to keep your family and property safe. And if you're looking for a loss adjuster in South Florida, contact Five Star Claims Adjusting today to schedule a free inspection.
