What is Additional Living Expenses Coverage

Here is what you need to know about additional living expenses coverage.

While homeowners know that their insurance policy offers dwelling, personal property, and personal liability coverage, they may be surprised to learn that it also offers additional living expenses.  Not sure what this coverage is and what it does for you?  Then read on to learn more about additional living expenses insurance coverage.

What is additional living expenses coverage?

Additional living expenses insurance coverage is coverage that you can use to pay for your living expenses in the event that your home is temporarily uninhabitable.  For instance, imagine that your home is severely damaged in a fire.  While the dwelling portion of your home insurance will cover the cost of repairing your home, it may not be safe for you and your family to stay in the home while it is undergoing repairs.  Fortunately, the additional living expenses portion of your home policy will cover the cost of living away from your home.  It can help you cover the cost of staying in a hotel, renting a temporary residence, eating at restaurants, storing your furniture, and so on.

How can you access additional living expenses insurance?

There are two major factors that affect whether you can file a claim for additional living expenses insurance coverage; the peril that has damaged your home and whether or not your home is truly uninhabitable.  You can only access your additional living expenses coverage if your home insurance provides coverage for the peril that has damaged your home.  For instance, if a tornado ripped the roof off of your home, then you could file a claim for additional living expenses because standard home policies cover wind damage.  However, if your home was damaged by flood, then you cannot access additional living expenses through your home insurer because homeowners policies exclude coverage for flood damages.

Additionally, your ability to access additional living expenses coverage depends on whether or not your home is actually uninhabitable.   For instance, if a tree crashes through your roof, your home would definitely sustain damage.  However, if your home still has running water, electricity, functioning bathrooms, and so on, then your insurer would not consider your home uninhabitable.  Naturally, they would not approve additional living expenses coverage.  Because every insurer has their own criteria for what makes a home uninhabitable, it can be difficult to know if you can access your additional living expenses insurance.  If your home sustains major damage, then contact your insurance provider as soon as possible.  They will have a claims adjuster come out and determine if your home is truly uninhabitable.

This is what you need to know about additional living expenses coverage.  Do you have more questions about the coverage offered by your homeowners insurance?  If so, then contact the experts at James Page Insurance.  We are ready to assist you with all your home coverage needs today.

Why You Need Renters Insurance Coverage

The importance of renters insurance.

If you are like many other renters, then you may consider insurance an unnecessary investment.  However, this simply isn’t the case.  Renters insurance actually offers policyholders several coverage options that they can benefit from.  Here’s why you need to secure a renters policy today.

  • Personal Property Coverage

While your landlord is responsible for the damages that your rental home or apartment sustains, they will not compensate you if your personal belongings are damaged or lost.  Fortunately, the personal property coverage included in your renters insurance will cover the cost of repairing or replacing your damaged possessions.

  • Loss of Use Coverage

What would happen to you if your rental was temporarily uninhabitable due to damages caused by a fire or another major disaster?  Well, in most cases you would have to foot the bill for finding a temporary living situation.  However, if you have renters insurance, then your policy offers loss of use coverage.  This coverage takes care of the costs associated with living elsewhere while your rental is undergoing necessary repairs.

  • Personal Liability Coverage

Stop for a moment and imagine what would happen if someone injured themselves while inside your rental.  If someone slips and falls, gets bitten by your pet, or experiences some other accident, then you might find yourself on the receiving end of a personal liability lawsuit.  Luckily, if you have renters insurance, then the personal liability coverage included in your policy will help you take care of the expenses associated with a lawsuit.

This is why you need the protection offered by renters insurance.  Are you looking for assistance with your renters coverage?  If so, then contact the experts at James Page Insurance.  Our dedicated team is eager to assist you with all your coverage needs today.

Avoid Unnecessary Home Insurance Claims

Preventing common home insurance claim events.

If you are like most homeowners, then you want to save as much as possible when it comes to your home insurance.  The best way to keep your insurance costs down is by avoiding claims.  Here are some of the most common home insurance claims and what you can do to avoid them.

  • Theft and Vandalism

Many homeowners are forced to file insurance claims after their home is broken into or vandalized.  To prevent your home and belongings from being damaged or stolen, you should install a security system to deter criminals.  Installing bright outdoor lighting and surveillance cameras is another way to keep criminals away.  Finally, make sure you close and secure all points of entry, so burglars and vandals do not have an easy way to get into your home.

  • Roof Leak and Collapse

If your roof begins to leak or collapses completely, then this will be a pricey insurance claim.  To prevent this claim event, you should keep up with basic roof maintenance, such a routine gutter cleaning and shingle replacement.  You should also be sure to remove dead limbs and trim overgrown branches on the trees that overhang your home’s roof.  This will prevent your trees from causing roof damage during a windy or stormy day.

  • Fire

Home fires are one of the most common and devastating damage events that a homeowner can face.  In homes, cooking equipment is the leading cause of fire.  However, fires can also break out due to faulty lighting fixtures, malfunctioning appliances, overheated electronics, and so on.  Smoke detectors are one of the best fire prevention tools, and homeowners are advised to have a working detector installed in every room and floor of the home.  You should also keep a fire extinguisher on every floor of your home and, most importantly, in your kitchen.  This ensures that you can quickly put out a fire before it spreads.

This is how you can prevent these common claim events.  Do you have questions about your homeowners insurance?  If so, then contact the experts at James Page Insurance.  We are ready to assist you with all your home coverage needs today.

How to Determine the Right Amount of Auto Insurance Coverage for You

What to think about when setting your car insurance coverage limits.

With all the auto insurance options out there, setting your car coverage limits can be challenging.  Because many drivers get overwhelmed by the process, they settle for their state’s insurance minimums.  Unfortunately, state minimums will do very little to protect you in an accident.  To ensure that you are securing an adequate amount of coverage, here are some of the things to consider.

Car insurance is designed to protect your finances in the event of an accident, particularly when you are found at fault.  However, carrying insufficient auto insurance defeats the whole purpose of the coverage.  While you might have enough coverage to be considered legal, state minimums, which are tied to bodily injury and property damage of others, are rarely enough to address the full cost of an auto accident.  Once your car coverage runs out, it will be up to you to cover remaining expenses out-of-pocket.  If you do not have enough money saved, then assets such as your home, retirement account, personal property and so on, are at risk. Rather than leaving yourself vulnerable to this threat, it’s much smarter and safer to secure adequate auto insurance coverage from the start.

Unfortunately, there is no universal standard for the amount of auto insurance coverage you should purchase.  Every driver has their own risk factors and needs, which affects the amount of coverage they need to carry.  The best way to determine your ideal coverage amount is by using a car insurance calculator tool or speaking with a trusted insurance professional.  By factoring in your risks, assets, and budget, you can find the right coverage to meet your needs.

This is why it’s so important to have the right amount of car insurance coverage.  Are you looking for further assistance with your auto insurance?  If so, then contact the experts at James Page Insurance.  We are ready to assist you with all your car coverage needs today.