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loss of rents Archives - Horan Companies | New York Insurance Agency, Baldwinsville, NY

Loss of Use, is it Worth it?

By Homeowners Insurance

Question 9 in 100 Insurance Questions in 100 Days! There is a portion of a New York Homeowners Insurance Policy that is often forgotten about. It is called Loss of Use or Additional Living Expense coverage. It’s the amount of money your insurance company will provide to you for expenses incurred due to living elsewhere after a claim. If you were to have a fire loss, and the home were to be uninhabitable, you would still be responsible for property taxes, insurance, and of course, any loan payments on the property. Yes, the bank will expect to be paid as…

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