When we insure property, we are insuring it because it is something that we use. Whether it be the car that we drive to work, the home that we live in, or the business that supports our living, all of them have uses and when that use is no longer available, it is important to cover the downtime of that use. Insuring Indianapolis and all of Indiana, we offer loss of use coverage to nearly all of our Hoosier customers.
When a car is involved in an auto claim and needs to be repaired, having rental car coverage on your auto policy is incredibly important. There are two types of physical damage coverage on an auto policy, comprehensive and collision. Comprehensive coverage will cover all types of losses that do not involve collision (hail, tree falling on car, etc) and collision coverage insures when the vehicle is involved in a moving accident. Both of these coverages might require your vehicle to be at a repair shop for some time, and having a rental car is essential to making sure that you have as little interruption in your lifestyle as possible. Check your policy, and if you do not have rental car coverage, talk to your agent to see what your insurance company offers. Furthermore, many credit card companies are now offering full coverage including damage waivers, etc. So, please check with your credit card company as well if your agent is unavailable for any unforeseen reason.
If your home is to sustain a loss, there is a chance that it will not be livable for some time while repairs are underway. This is because it might not be safe to live in, or the home might sustain a total loss in which there is no structure left. Having loss of use on your home covers you in several ways. It will pay for you to live somewhere else in the mean time while your home is being repaired or rebuilt or repaired, as well as additional expenses that you would not have incurred if you lived at the home. For example: if your commute is 5 miles further each way, with the right coverage, the additional expenses are covered in your loss of use.
Business insurance can perform similarly with loss of income coverage. For instance, if there’s extensive damage to the building of your business and you’re forced to close your doors for a period of time, your insurance might pay you for the loss of income you experience during this time. For some businesses, this can make or break their sustainability. We insure hundreds of businesses throughout Indiana and neighboring states. Please check with us if you’d like to make sure loss of income coverage is added to your business owners policy.
Loss of use is important and we’re here to make sure you’re covered. Talk to your agent to see if you have these coverages currently on your policy, as they are imperative to making your loss less of an impact on your day-to-day.