Insurance sometimes covers losses due to outages
For the average homeowner, policies are available that provide "enhancements" for food spoilage and hotel expenses, particularly if the residence is considered uninhabitable as a result of a power outage.
Of course, there is an additional premium associated with any additional coverage, and in the case of power outage protection it can range from $30 to $50 a year, up to $150 a year "for the more robust enhancements," according to Needham.
Additional living expense is one area in which there are big differences. Most insurance companies will not deem a home uninhabitable because of a power outage, even one stretching over several days, but the rules vary from company to company.
For many businesses, utility interruption insurance is essential. Such coverage replaces revenue that is lost due to a power outage that disrupts a business, with exclusions that range from the first 24 to 72 hours of an outage."Utility interruption insurance is absolutely something business owners should review with their agent," Needham said. "We always get a lot of interest in that right after something happens, and then the summer months hit and the interest goes away. But it's something we continually try to speak to our business customers about because there are many options."email@example.com
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