During the recent wildfires in South Carolina, homeowners who had either been evacuated from their homes or lost them to the fires were able to take some comfort in Coverage D-Loss of Use, an important coverage provided to them by their homeowners insurance policy.
If the dwelling described in the homeowners policy is damaged by an insured peril and becomes unlivable, the named insured and the insured's family will be reimbursed for additional living expenses actually incurred and for fair rental value actually lost.
Additional living expense is the additional cost of maintaining the insured's normal standard of living after a covered loss. The additional cost refers to those expenses above the insured's usual amount of expenses before the loss, which could include reimbursement for the cost of temporary lodging, meals and transportation.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
