Hurricane Sandy Forces Renters to Review Living Options
National Quotes' recent research shows that Hurricane Sandy has made many apartments uninhabitable, forcing New York citizens to review their living options.
"Even a few days of being here without a place to live, the cost can be astronomically high," explains Conway Anderson, a Manhattan apartment renter.
According to the Insurance Information Institute (III), most renters insurance policies "cover additional living expenses which the extra charges over and above your customary living expenses incurred when you are displaced from your home and need temporary shelter."
Loretta Worters of the III explains that many insurance policies will cover any additional living expenses but will set a limit on how much will be spent. Coverage is typically 20 percent of the insurance's liability limit, but "each case is different, each policy is different," she reports.
Insurance providers, such as Allstate, offer renters insurance coverage that includes reimbursement for any temporary housing, meals, and optional rental income if a natural disaster should occur. Many insurance providers will place a time limitation on the reimbursement for additional living expenses, usually one to two years.
The III recommends to keep any receipts for reimbursement and to document all expenditures. Mandatory evacuation due to a natural disaster is another expense that is included under renters insurance coverage under certain conditions. Depending on the language of the policy, some insurance providers will only cover additional living expenses for structural damage.
NationalQuotes recommends that renters should review the renters insurance policy to ensure proper coverage in case of a natural disaster. Insurance agents can assist with any questions or concerns that may arise during the process.
Worter advises renters to seek affordable, alternative housing and to discuss these options with their insurance providers to ensure coverage. "The honesty factor comes into play here," she reports. If a landlord waives the rental fee while the apartment is inhabitable, then it is the renters' responsibility to inform the insurance provider.
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