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Feb 27, 2012

Every week our website will be posting a free insurance article, to help explain exactly what the coverage and different aspects of the homeowners and auto insurance quotes they receive are.  This week we will be talking about loss of use. Loss of use is coverage that a lot of our customers in the DFW area ask about when they receive a free insurance quote.

Loss of use essentially insures that if something happens to your home, if you should suffer some loss that removes you from your house, you will be covered for the expenses necessary to find a place to stay.  So, let’s say one of our customers in the city of Keller, Texas, suffered a total loss on their house.  Since the house would need to be rebuilt, the customers would not have access to the home, they would have lost the use of it, and they would need to be put up in a hotel in Grapevine.  Loss of use would provide them coverage for that stay, until the home was rebuilt or the limit indicated on the policy was reached.

It’s a relatively straightforward coverage, however there one aspect important to note.  When a customer is looking over their home insurance quote, they may notice that the amount of coverage is much different between the quote and their current policy.  For instance, here in McKinney, we provide free homeowners insurance quotes for a number of people who have Nationwide.  Nationwide’s loss of use coverage tends to be much higher than a number of other insurance companies.  Most of our carriers such as: MetLife, Safeco, Travelers, and Encompass, provide coverage that is 20% of the dwelling value for loss of use coverage.  Considering that it generally takes about 3 to 4 months to build a home, this is a good amount of coverage. Loss of use however can always be adjusted up if a customer desires it.

If you have any questions about loss of use,  you can find us on Facebook, or email us at .  If you’re ready for a free insurance quote, you can submit your information at contact us, or call us at 214-733-8400.  

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