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May 22, 2019

Renters Insurance And Expenses Coverage

Fancy Furnished Apartment

You don’t want to face a problem in your apartment or rental home. But, sometimes you can’t avoid it. And if something happens that damages your property, you could have to get out of the house for a while. Luckily, if you have appropriate renters insurance, you might have assistance available.

Renters insurance often provides expenses protection. Still, coverage can get a bit complicated. Make sure you understand the ins and outs by examining your policy closely.

Renters Expenses Insurance

If a damaging accident occurs in your home, it might make it unsafe to live in or use fully. Therefore, you might have to go to a hotel, eat out for a while, or take a few excursions you didn’t plan on. In situations like these, expenses insurance might be able to help you out.

Say, for example, that your apartment burns because of an electrical fire. It was not your fault, but the apartment sustains a considerable amount of damage. Your renters possessions insurance might pay to help you replace belongings lost in the fire. The property owner’s structure coverage will then pay to repair the property. But the repairs will take time. You won’t be able to live in the apartment because it is structurally unsafe.

This is where renters insurance expenses protection might come in handy. Most renters policies contain this coverage. So, when you move out of the apartment for the repair period, this coverage can help you out. It might pay some or all of your expenses until you can move back into the property.

Limits Exist

Renters expense coverage is important to have in place. Nevertheless, it usually won’t cover 100 percent of the costs of your expenses following accidents.

  • Your policy often won’t pay when accidents were not the result of a peril or hazard covered by your policy. For example, if you have to move out because your HVAC system failed in the middle of a heat wave, you likely won’t have coverage.
  • Most policies will set maximum amounts of money that they will pay for your expenses. So, you’ll likely still have to shoulder a few of your costs on your own.
  • Many policies only provide living expenses protection for a defined period. For example, this might be 30 days. Therefore, if you have to stay out of the home longer than this time period, then you’ll still have to pay your own costs.

Ask your ACF Insurance agent if you have living expenses coverage attached to your policy. If you have concerns about your ability to afford living expenses if the worst happens, our agents can help you determine the right course of action.

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