Every homeowners insurance policy includes additional living expenses coverage. If you’re temporarily displaced from your home because of damage, this coverage can help you pay for the additional everyday expenses until you’re able to move back in. But what exactly does additional living expense (ALE) coverage include?
Here is a basic guide to help you learn more about ALE insurance:
Additional living expenses covered by your home insurance generally include:
Unfortunately, your ALE insurance won’t cover everything. It’s important to remember that this portion of your insurance policy will not pay for damage to your home or belongings. However, these costs are covered by the dwelling portion of your homeowners insurance policy.
Your insurance company may offer options for different amounts of coverage for additional living expenses. By default, this benefit is about 10% to 20% of the amount covered by your dwelling coverage.
For example, if your home is damaged and your dwelling coverage is $400,000, your ALE policy would provide around $40,000 to $80,000 of coverage for your additional living expenses.
For any questions about coverage amounts and details of your additional living expense coverage, check with your insurance company for more information. The more you know about your coverage, the better prepared you’ll be if you ever need to make a claim.
JoAnn Drabble prides herself in making a "personal investment in each client”. With over ten years of experience working as a paralegal for various law firms, JoAnn brings significant legal expertise to her work. She understands the ins and outs of the real estate business and follows through on her sales from start to finish. She is often praised for her attention to detail in all aspects of a sale.
Working as a full-time professional in the real estate industry for 27 years, JoAnn has continuously been a top sales producer. She attributes her successful sales’ results to the personal relationships that she forges with her clients. Her years of experience combined with her outgoing personality and compassionate nature enable her to understand both the stated and unspoken needs of clients who are buying and selling their homes. JoAnn stays current with changing market conditions and trends in order to provide exceptional service and ensure a timely sale.
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