The 5 Basics of Condo Insurance Part 3- Loss of Use

If a loss occurs and your home is damaged, it will take some time to renovate your home. During this time, you will probably need somewhere else to live while the work is being done. How will you pay for additional living expenses while your condo is being fixed?

Loss of Use Coverage will insure you for temporary housing expenses such as an apartment rental. Loss of Use Coverage will also cover things like furniture, car and boat storage, and even pet kennel expenses.

Loss of Use coverage usually has a limit based on a percentage of the personal property limit, often around 40%. For example: if you insure personal property for $30,000, your Loss of Use Coverage limit would be $12,000 (40% of $30,000).