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tornado outsideA storm ripped through your home. You've found it was a tornado or a significant storm with high winds and damaging hail. Your home is severely damaged. It will take you time to repair it. What happens in the meantime to you and your family? If you have home insurance, you may already have a wide range of financial protection in place to support you as you work to improve your home. One important situation to understand is related to loss of use coverage. Could this apply in your case?

Loss of use coverage is a part of most home insurance plans. It helps you by providing a set amount of money that you can use to support yourself while you cannot live in your home. It covers, specifically, additional living expenses you incur each day you cannot live in your home because of a covered event taking place. These include only living expenses that are higher than what you would normally spend.

Let's say you spend $500 a month on groceries for you and your family. If a tornado has damaged your home, you may be unable to prepare meals at home. As a result, you spend $800 in that month to cover meals out of your home. That $300 difference is covered, generally, as a part of loss of use coverage.

There are limits to these types of home insurance components. For example, you’re only covered for these additional expenses while your home is unable to be used. This policy also does not cover your normal bills, such as utility costs. It can help you with hotel or rental costs, though. If you've been unable to live in your home as a result of a tornado or other weather event, work closely with your insurance agent to ensure your needs are met.

Loss of use coverage is an important part of home insurance. Generally, it is listed as Coverage D on an insurance policy. Read through this and understand what it specifically includes and excludes. Do this before such an event occurs and you need the financial support it can offer to you.

Are you covered? Call Loftis & Wetzel Corporation at (855) 360-0466 for more information on Oklahoma City home insurance.
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