Additional Living Expense Insurance
Barron's Insurance Dictionary:
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Additional Living Expense Insurance
Coverage under a Homeowners, Condominium, and Renters policy, that reimburses costs of residing in a temporary location until the insured’s home can be made whole again. It usually provides living expenses of from 10–20% of the structural coverage on the home.
| Additional Deposit Privilege, Additional Death Benefit, Additional Car | |
| Additionalinsured, Adhesion Insurance Contract, Adjacent |
Investopedia Financial Dictionary:
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Additional Living Expense Insurance
Coverage under a homeowner's, condominium owner's or renter's insurance policy that covers the additional costs of living that are incurred by the policy holder should the policy holder be temporarily displaced from their place of residence. Such coverage is usually at about 10% to 20% of the insurance that covers the dwelling.
Investopedia Says:
Additional living expense insurance can cover things like the increase in a monthly food bill due to having to eat-out at restaurants or even the loss of income that might be incurred if the insured person were renting out part of their space to a tenant. Essentially the insurance is intended to cover the insured person for the extra expenses he or she may incur due to being temporarily displaced from their home, such as in the case of a fire or flood.
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Barron's Insurance Dictionary
Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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