Question
Will my renters insurance pay for me to stay in a hotel if my house is damaged?
My neighbor just had a tree fall on their house and they aren't able to stay in the home until the damage is fixed. I'm worried about something happening to the place I live and not being able to afford a hotel if I couldn't stay in my house. Would my renters policy cover me if something like that happens?
Answer
Renters insurance is extremely valuable since it is often inexpensive and provides lots of coverage when things go wrong. Specifically in your situation, your renters policy should include a "loss of use" provision that would cover temporary living expenses if you weren't able to live in your home because of a covered loss. The amount of coverage you may have for loss of use can differ, however, so it's a good idea to review your policy to see how much coverage you have. If you have trouble reading your declarations page then I would recommend contacting your agent, and they should be able to quickly review your policy details.