Additional Living Expenses: Break down Your Home insurance

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You just had a fire or a flood or another incident that has forced your out of your home. You know that your home is coverage and will be rebuilt and repaired but what happens to you while it is being fixed? This is where additional Living expenses comes in to play.

There are three main components to Additional Living Expenses coverage:

1) Additional living expenses: This covers reasonable expenses like food, hotel or rental home charges, and other costs you wouldn’t normally face while living in your own home.

2) Fair rental value: If you rented out part of your home before a loss and it’s unsafe for your tenant to continue living in their unit while repairs are being done, your policy could pay for your loss of rental income until the property is restored.

3) Prohibited access: This pays for additional living expenses when you’re forced to leave your home because of an emergency that happened at one of your neighbours’ houses or when the government issues a mass evacuation notice (during a natural disaster, for example).

This will help you get you back on your feet and put a roof over your head while your home is being repaired or while you are waiting to be let back in to your home.

You can rest easy at night knowing that not only is your house covered but you have additional living expenses as well.

If you have any questions or would like to confirm your coverages, please give us a call at 519 941-2266 or email us.

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