Loss of Use Insurance

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Loss of Use Insurance Loss of use insurance, also known as additional living expenses (ALE) insurance, is a type of homeowners insurance coverage that pays for the additional costs you incur if your home is temporarily uninhabitable due to a covered loss. This could include things like hotel stays, restaurant meals, and storage fees. Additional Living Expenses is the most common loss of use coverage when it comes to home insurance. Policy providing protection against loss of use due to damage or destruction of property. It covers you against those extra expenses you incur because you can't make use of your property. What qualifies for a loss of use for example a replacement vehicle or reimburses you for your transportation costs, while your vehicle is being repaired or replaced after being damaged by an insured peril. You can prove Loss by: 1) The rental value or the amount which could have been realized by renting out the article during the period; 2) The cost of hiring a substitute; or 3) The ordinary profits that could have been made from the use of the vehicle. Loss of use insurance can be a valuable asset if your home is damaged by a covered loss. It can help you to maintain your standard of living while your home is being repaired or rebuilt. If you are considering purchasing homeowners insurance, be sure to ask is loss of use coverage is an add-on to the Policy package. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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