Understanding Additional Living Expense
By Kris Kuran
1.0 Technical Credit for Level 1, 2, and 3 General Insurance Agents and Salespersons.
To qualify for CE credit…
– Read the entire article carefully, including all its sections and content labelled ‘Mandatory’.
– Select the ‘Mark Complete’ button at the end of each section to track your progress.
– Successfully challenge the quiz to demonstrate your learning.
– Select the ‘Completion Certificate’ link to save and download your personalized completion certificate.
Please Note: CE credits from this HyperArticleTM can only be used once towards your CE requirements every three licence periods. For further information on CE regulations, please refer to the Insurance Council of BC’s website.
Overview
In this HyperArticleTM, you’ll explore Additional Living Expenses (ALE), a critical but often misunderstood component of homeowners, condo, and renters insurance policies. You’ll learn about Loss of Use coverage and the financial considerations that arise when a residence becomes uninhabitable due to a covered loss. Key topics include: what qualifies as a reasonable increase in living costs; temporary housing and short-term accommodations; increased food costs and other qualifying expenses; laundry, pet boarding, and incidental expenses; tracking and documenting expenses; and reviewing policy details and understanding proper coverage.
When you’re ready, please go to the first content section…