What Is Loss Of Use Coverage

Loss of use coverage is often referred to as the “forgotten coverage,” because it’s there as part of the policy and rarely thought of until the very moment that you badly need it.  But what is loss of use coverage on renters insurance?  Eric from Effective Coverage joins us to dig a little deeper into the mysterious world of loss of use coverage.  Actually, it’s not all that mysterious, as you’re about to see.

What Is Loss Of Use Coverage On Renters Insurance?

Loss of use, also referred to as additional living expense coverage, comes into play after you have an otherwise covered loss.  Whether it’s one of the almost 200,000 cooking fires that happen annually,or a water from a burst pipe that will take a few days to dry doesn’t matter.  Loss of use coverage is triggered when the covered loss prevents you from using the apartment as your residence, whatever form the underlying covered loss might take.

Hotels are expensive, especially on short notice when you have to take whatever might be available.  Not being able to cook meals at home can be expensive.  There are many other incidental costs, as well.  The Avalon Edgewater fire displaced well over a thousand people for several days.

How Long Until You Can Go Home After A Covered Claim?

Some were able to go home eventually, some found that their apartments were ashes on the ground, and needed additional time to find a new place.  Most of those residents didn’t have time to grab so much as a toothbrush when they evacuated.  The small day to day things we all use add up quickly, as well.

Loss of use coverage on your renters insurance offers the costs of additional living expenses, but it also offers something equally important: Hope.  It’s hard to have hope when life throws its worst at you, but it’s the ability to quickly get into a temporary situation, eat, and replace basic consumables helps to make the situation just a bit more tolerable, and gives hope for a brighter future.

Is Loss Of Use Coverage Standard On Renters Insurance?

Loss of use is on every renters insurance policy, and it generally is based on a set percentage of the personal property coverage.  The coverage is crucial in your hour of greatest need.

The Renters Insurance Challenge is an industry-wide effort sponsored by Effective Coverage, the only full-service insurance provider focused exclusively on renters.  They can be reached through the link above, or at (800)892-4308.