Storm Warriors: Insurance Policies - ALE
While looking over insurance policies is tedious and painstakingly annoying, we hope to break down the high points for you so that it is easier to deal with. In this second segment of important insurance considerations, we will be covering ALE (additional living expenses) policies.
ALE's are the extra costs to live somewhere else if your home is rendered uninhabitable and needs to be fixed. During the time of construction, ALE's include hotel stays, restaurant meals, extra transportation, etc. Essentially, it's the added expenses you have to pay because you cannot live in your house. For the most part, ALE expenses are about 20% of the amount of insurance coverage on your home. Renter's insurance sometimes include ALE's as well. It's a part of your insurance policy that can come in great use even though most people focus on the insurance on the repairs of their house. What's important is making sure the ALE policy is practical enough.
Here are some important points to keep in mind about ALE's.
1. Depending on where you live, you might want to consider getting higher ALE's. Most insurers offer high coverage plans.
2. ALE comes with time limits so make sure your time limit is reasonable for you.
3. If you rent out your home, ALE's cover this but you should make sure your policy matches your rental income.
We hope these tips are helpful to you. At AJS, your family's safety is our family's utmost concern. If you feel like your home or business is in risk of flood, contact our knowledgeable team to see how lifting and moving can benefit you and your assets!