Add Job Loss Insurance to Homeowners Insurance, Suggests

November 20, 2009 (PRLEAP.COM) Business News
Homeowners can have their mortgage paid if they lose their job, allowing them to worry less about paying bills and keep them focus on finding a new job. With the economy in turmoil and the uncertainty of when we will be back on our feet, many homeowners are looking to protect themselves in this manner in case they lose their jobs unrepentantly.

In an article posted by, "Job Loss Insurance Myths," they provide information about what exactly job loss insurance is and who will benefit from it. "Added as a rider to your homeowners insurance policy, job loss insurance will provide up to six months of mortgage payments if you should be unexpectedly terminated from your job," states the article. There are people who are ineligible for this type of insurance coverage. Those who no longer work due to mandatory retirement, resignation or are fired due to criminal activity are examples of ineligibility. Also, those who are self employed will not benefit from job loss insurance coverage. Payments to your mortgage don't normally begin for 30 to 60 days after filing a claim and the payments will not be given directly to you. If you need to use your job loss insurance policy, the mortgage payments will come from your insurance company, but they will go directly to the provider of your mortgage loan.

All across America, people are losing their jobs and fearful of how they will continue to pay for their home. With an uncertain future for many, it is important to have protection for you and your family, just in case. To find out more about mortgage protection and if you qualify for its benefits, contact your homeowners insurance agent today and they will help answer all your questions.