What is the definition of Loss of Use?
Loss of Use refers to the protection provided to homeowners and home renters in the event that the place they were living in is damaged and they were forced to live somewhere else while they are waiting for their original residence to be repaired.
Of course, there will be living expenses associated with using a temporary home. Most of the time, these expenses will be greater than the expenses the homeowners will have had they been able to stay at their own house.
For example, if a portion of house is destroyed because of a fire, the family living there may have to stay in a hotel or rent a temporary house. They will have to spend for food ordered as takeout or eaten in restaurants because they are unable to cook in their temporary dwelling.
Loss of use may be also used to apply to other kinds of property - like a car.
| Not a bit | Very useful |
- Loss Ratio
- Loss Reserves
- L-Share Variable Annuity
- Malpractice Insurance
- Managed Care
- Manual
- Marine Insurance
- Maturity Date
- McCarran-Ferguson Act
- Mediation
- Loss Costs
- Loss Adjustment Expenses
- Loss
- Long-Term Disability Income Insurance
- Long-Term Care Insurance
- Lloyd’s of London
- Lloyds
- Liquor Liability
- Liquidity
- Liquidation