Living Expense Coverage After a Claim
Updated: Feb 20, 2020
Your home, tenant or condo policy at Tradition Mutual Insurance protects you from so much more than just physical damage to your property and liability protection. We also provide additional living expense coverage to cover you for out-of-pocket expenses when you’re forced to leave home because of an insured event or civil-ordered evacuation.
There are three main aspects to this coverage that Tradition offers:
1. Additional living expenses: If damage to your dwelling by an insured peril makes it unfit for occupancy, we will cover living expenses such as food, moving, hotel or rental home costs so that you can maintain a normal standard of living. Payment will be for the time required to repair or rebuild your dwelling or if you need to permanently relocate elsewhere.
2. Fair rental value: If there is damage to part of your home that is rented out prior to the time of loss, Tradition will pay you the fair rental value for the loss of rental income while repairs are being done to restore your property.
3. Prohibited access: If as the direct result of damage to a neighbours’ house by an insured peril you to have to leave your home, Tradition will pay for your additional living expenses or fair rental value for up to 30 days. This also applies if you need to leave the house due to mass evacuation when a civil authority prohibits access to your home.
Each policy is unique but typically the combined limit for these three categories is a certain percentage of your overall policy limit. If you want to confirm anything about additional living expense insurance or any other coverages that Tradition Mutual Insurance offers, don’t hesitate to give me a call at (519) 393-3246.
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