Renters Insurance and Displacement Benefits: What You Need to Know

There are many benefits associated with renters insurance that you may not be aware of. At Jim Boyce Insurance, serving Matthews, NC, we believe it is important that you understand the benefits of the insurance products you purchase. With that being said, one of the benefits of renters insurance that you may not be aware of is displacement benefits. Here is some key information you should know about renters insurance and displacement benefits. 

What Are Displacement Benefits? 

Displacement benefits help to pay your living costs above and beyond what you normally pay in rent in the event that the home you are renting becomes inhabitable during the course of your lease due to a covered event. Having to pay for a few nights at a hotel or renting out a short term rental can be pricey. Your renter’s insurance policy helps to cover these extra costs, so an unexpected event does not financially impact you. 

When Might Displacement Benefits Be Needed? 

There are many reasons why displacement benefits may be needed. If the home you are renting catches fire and has severe damage, you may need somewhere to live while repairs are being made or you search for a new rental. The same is true if a pipe bursts in the home and causes a large amount of damage. Some policies may also provide displacement services if mold is found in the home, allowing you to stay out until it is safely removed. 

No one plans on something catastrophic happening to the place that they are renting. Having renters insurance can help you in case the unexpected becomes a reality. If you are a renter who does not have renters insurance in the greater Matthews, NC area, now may be the time to start thinking about purchasing a policy. Contact Jim Boyce Insurance today for a free estimate.