A senior citizen, on the other hand, may look into
loss of use coverage on top of contents coverage in the event of a serious accident.
In addition, you'll have no - fault medical payments to others as well as
loss of use coverage for additional living expenses after a covered loss.
Other policies will also
include loss of use coverage which pays for costs involved in moving out of the rental property when it has been destroyed.
This is one aspect of rental coverage, known as contents coverage, but there are also other options you can purchase including
loss of use coverage as well as physical liability coverage.
Renters insurance
loss of use coverage pays for your hotel expenses, meal expenses, and other costs associated with not being able to use your apartment.
You might also want to consider optional coverage such as
loss of use coverage which will pay for a rental car if your vehicle is damaged in an accident.
Speaking
of loss of use coverage, it could be triggered in a volcanic eruption claim even if you don't directly suffer damage.
Most homeowners insurance companies include
loss of use coverage in their policies and place a limit as a percentage of your dwelling coverage.
You can also look
into loss of use coverage as well as other options to add onto your policy depending on what type of coverage you want and what you have to lose.
This includes your contents (through contents protection), your home (
through loss of use coverage) and your family and friends (through physical liability protection).
You would, of course, suffer a loss from not being able to use the rental, and that's
where loss of use coverage on your renters insurance comes into play.
If the damage is severe, it may also
trigger loss of use coverage which would pay for your additional living expenses during the cleanup process, such as a hotel.
It also provides you with
loss of use coverage if there's a loss caused by a covered peril, as well as liability coverage.
If your condo burns down, for example,
then loss of use coverage will pay for the costs to move to a new rental property as well as the move itself.
If you are living away from your family, you also might consider
loss of use coverage when looking into multiple online quotes.
The second type of coverage is
called loss of use coverage which will pay the expenses incurred if your rented home is too damaged to live in.
In the same way that you can't
remove loss of use coverage or medical payments coverage from your policy, the perils are what they are.
In that instance, you might be in a position to claim
loss of use coverage based on that mandatory evacuation caused by the immediate risk of your neighbor's home collapsing onto yours.
Without loss of use coverage, you could be looking at several thousands of dollars in unexpected accommodation expenses as well as moving fees.
Speaking
of loss of use coverage, it could be triggered in a volcanic eruption claim even if you don't directly suffer damage.
Renters insurance
loss of use coverage pays for your hotel expenses, meal expenses, and other costs associated with not being able to use your apartment.
You would, of course, suffer a loss from not being able to use the rental, and that's where
loss of use coverage on your renters insurance comes into play.