by Guest » Wed Aug 17, 2011 09:56 am
I've heard that HO policies don't cover any damage caused by flood water. How do I obtain coverage for such damages? Will insurance cover my expenses towards temporary living arrangements?
Posted: Wed Aug 17, 2011 10:54 am Post Subject: home insurance
HO policies usually don't cover damages incurred by flood. If you wish to get flood coverage, you may opt to buy a flood insurance. However, if you do have a home insurance, it should reimburse you for your temporary living expenses.
Posted: Wed Aug 17, 2011 11:11 am Post Subject:
Do all home insurance policies pay for temporary living expenses? Or is there any specific condition that I need to satisfy?
Posted: Wed Aug 17, 2011 11:38 am Post Subject: insurance
Additional living expense coverage is a part of all homeowners, condominium owner's or renter's insurance policy, which pays temporary living expenses to the insured, should he get displaced from his home for repairing purposes or natural disaster. However, do read the policy carefully before buying any insurance.
Posted: Wed Aug 17, 2011 09:35 pm Post Subject:
which pays temporary living expenses to the insured, should he get displaced from his home for repairing purposes or natural disaster
You cannot make this statement. Additional Living Expense coverage only applies when a loss is covered by the policy.
A standard HO policy will not cover flood damage (you need a NFIP policy for that). ALE due to flood damage is not covered under a standard HO policy, it is covered under the NFIP policy.
A standard HO policy covers loss due to fire. If ordered by state or local officials to evacuate your home due to the threat of fire, ALE will cover hotel/motel expenses and food, even some clothing/laundry expenses, up to the policy limits as to time and expense, whether the fire touches your home or not.
do read the policy carefully before buying any insurance.
This is not usually possible. But it's the reason insurance comes with a 10-30 day "free look" period. Cancel within the stated time and all premiums must be refunded.
Posted: Thu Aug 18, 2011 05:26 am Post Subject:
Thanks for the valued information. It's always good to know as much possible about something as important as ALE, as it's associated with grave situations.
Posted: Thu Aug 18, 2011 11:37 am Post Subject: Reply
My homeowners insurance was settled when I moved into my new home. I hired a Public Adjuster in New Jersey to settle the claims after the fire. he indeed did a good job.
Posted: Fri Aug 19, 2011 01:11 am Post Subject:
"This is not usually possible. But it's the reason insurance comes with a 10-30 day "free look" period. Cancel within the stated time and all premiums must be refunded."
Life & annuity policies often come with a free look policy, but there is no free look for homeowners insurance, unless that is something California requires by law.
The only way to get a complete refund is if you have duplicate coverage with another insurance company.
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