Tag Archives: homeowners

What Additional Living Expense Coverage Means to Homeowners

Suffering major damage to a home is a traumatic event for any family. The experience brings shock, worry about family members and pets, grief at the loss of treasured possessions, and stress about the overwhelming task of replacing it all. Right on the heels of these emotions comes a more immediate question: Where will the family live now, and how will they pay for it? Fortunately, standard homeowner’s policies provide coverage for loss of use of a home.

The standard policy contains three Loss of Use coverages: Additional Living Expense, Fair Rental Value, and Civil Authority Prohibits Use. Additional Living Expense coverage pays for the homeowner’s necessary increase in living expenses when the home, damaged by a covered cause of loss, becomes unfit to live in. For example, assume that a severe windstorm knocks a tree into a home’s upstairs. It wrecks three bedrooms and two bathrooms, causing pipes to break and damaging electrical wiring. Since the policy covers windstorm damage and the home is unsafe for the family to occupy, this coverage will pay the extra amount the family must spend to live elsewhere for a period of time. However, the insurance company will pay only the amount necessary for the family to maintain its normal standard of living. If the family was not living in a luxury condo before the loss, the company will not pay for them to live in one after. The company will pay for the shortest period of time necessary to repair or replace the damaged property or to permanently relocate.

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Universal Insurance Holdings To Launch Second Fla. Subsidiary

Florida ‘s Office of Insurance Regulation (OIR) has approved Universal Insurance Holdings’ application to form a second property-casualty insurance subsidiary to write coverages for certain homes. Universal said the new company, American Platinum Property and Casualty Insurance Company, will write homeowners’ multiperil and inland marine coverages on homes valued in excess of $1 million, which […]

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New York Warns Insurers about Some Homeowners’ Cancellations

New York Department of Insurance has this advice for insurers in the Empire State: Stop canceling homeowners’ policies simply because a house in unoccupied. That announcement came in the form a circular letter – essentially, an advisory bulletin to insurers – reiterating that cancellation of the policies solely on the basis of non-occupancy is illegal. […]

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Public Claims Adjusters Offer a Valuable Service

Ah, the holidays. Fresh-cut trees adorned with festive ribbons and ornaments, the sweet smell of cinnamon and nutmeg from scented candles waft through the house, a crackling fire warms the room while hundreds of twinkling bulbs light up the neighborhood outside. And not a fire extinguisher in sight. ‘Tis the season for homeowners insurance claims. […]

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