Loss of Use Insurance For Renters
Protecting You When You Can’t Stay at Home
Your renters insurance offers the option to buy loss of use coverage. If a renter has to leave the rental home, and begins to rack up costly living expenses, this coverage can help you out.
What Is Loss Of Use Renters Insurance?
You like living in your rental property, and you want to stay there. However, circumstances might come along that force you out.
Fires, severe weather or other hazards might force you to move out of the rental (temporarily or permanently) while the home undergoes repairs. Loss of use insurance can help you afford the costs you might incur while having to live elsewhere. With your coverage for support, you’ll protect your own income, even if you encounter unplanned expenses.
Do I Need Loss Of Use Coverage?
If you don’t want to worry about how you’ll make ends meet if you must leave your rental home, you need loss of use coverage. Still, even if money isn’t an issue, you can benefit from coverage because you won’t have to pay for something you didn’t expect.
What Does Loss Of Use Insurance Cover?
By using your loss-of-use insurance, you won’t have to spend exorbitant sums on temporary expenses that might arise if you must leave your rental. You can claim such costs as:
- Hotel bills
- Temporary apartment costs
- Moving fees
- Excess food costs (like restaurant bills)
- Pet boarding
- Parking or transportation fees
For anyone trying to save money, coverage is imperative. While you might still have to pay some of these costs out-of-pocket, coverage can help lessen your full personal burden.
How Much Loss Of Use Insurance Do I Need?
Our agents can help you review your income and expenses to decide how much loss of use coverage can adequately help you. Even if you will need assistance for an extended period, we’ll ensure you have benefits on-hand.
How Does Loss Of Use Insurance Work?
If you ever need to leave your rental property, contact your BluCanopy agent. If you submit proof of additional expenses to us, we’ll help you determine how much assistance you can receive from your renters policy. Your coverage will pay for your losses up to its defined loss of use limits.
Frequently Asked Questions
1Is loss of use considered property damage?
Loss of use insurance will not pay for damage you cause to the rental property itself. However, if you have renters liability insurance, you might have support available for the damage you accidentally cause.
2Does my deductible apply to loss of use?
Renters insurance deductibles usually only apply to your personal possessions coverage, so you might not have to pay it on your loss of use claims. Remember, however, that your loss of use policy might not cover 100% of your extra living expenses. You’ll likely have to pay a few of these costs on your own.
3Is loss of use the same as rent loss coverage?
Loss of use insurance and rent loss insurance are not the same thing.
Rent loss insurance insures the home’s owner, usually your landlord. Because you likely won’t pay rent on a home you cannot occupy, this coverage can help the property owner cover their losses. Their own insurance can often provide them with rent loss insurance.
4Which states do you serve?
- Alabama
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Georgia
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Maine
- Maryland
- Minnesota
- Mississippi
- Nevada
- Nebraska
- New Hampshire
- New Mexico
- New York
- North Carolina
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Tennessee
- Texas
- Vermont
- Virginia
- Washington
- West Virginia
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