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Does homeowners insurance cover additional living expenses and personal property? |
Does homeowners insurance cover additional living expenses and personal property? Depends on what you mean. When most people say homeowners insurance, they're referring to an HO3 policy form, which has SIX built in coverages, including personal property and additional living expenses. BUT, technically, a homeowners insurance policy is any policy that covers your home. So, if you, for example, purchased your house coverage through your state FAIR plan, it does not include additional living expenses and personal property, unless you specifically ask for it, and pay extra. If your house is a rental house, and you have a DWELLING FIRE policy on it, it does not include additional living expenses and personal property. So it depends on the form, NOT the "name" you call it. Source(s): agent, 21+ years Most comprehensive home policies cover your additional living expenses while your home is being repaired or replaced IF the repair is covered by your insurance. Most of your personal property is also covered up to the limit of the policy. However, some property, such as expensive artwork and jewelry, is not fully covered unless you have specifically added that property to your policy. Independent Agent The only way to know for sure is to read your policy. Contact your agent, these are the kind of questions that they can answer by phone, it costs nothing to ask, and you can get details that we could not give you here. The answer is YES. Personal property is also covered under homeowners policies. The coverage limit for most personal property is 50 鈥?70% of the amount of coverage on the house. However, policies include special limits of liability for certain items, such as coins, precious metals, valuable papers, watercraft, business property and other items. If more coverage is needed, liability limits may be increased through riders or endorsements, or by purchasing separate policies. Personal property is also generally covered under homeowners policies against loss away from home 鈥?even when outside of the US. Many policies provide this worldwide coverage against property damage. Additional insurance can be purchased to protect property from theft away from home as well. Loss of use coverage pays for additional living expenses related to maintaining the insured鈥檚 normal standard of living if the residence premises is uninhabitable due to a covered peril. The uninhabitable residence premises must be the insured鈥檚 principal place of residence in order for the coverage to apply. The insured can choose, as an alternative to the payment of additional living expenses, to be paid the fair rental value of the part of the residence where the insured lives, minus any expenses not required while the premises cannot be lived in. If the uninhabitable premises is rented out or held for rental by the insured, the insurer will pay fair rental value, minus any expenses that do not continue while the premises is not fit to live in. Insurance Broker (Puerto Rico) |
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