If you are a current homeowner, you may be wondering if job-loss protection added on to your homeowners insurance is a wise investment. First, get homeowners insurance quotes that include this type of rider and then the same quotes without. This will give you a good comparison between the cost in relation to the benefit.
In hard economic times having a safety umbrella add-on to your homeowners insurance, that covers job loss can be reassuring. Unfortunately, a job-loss mortgage insurance investment depends on the following:
However, the future looks uncertain; according to CNNMoney.com, the economy is expected to get worse in 2009, as more job cuts are expected from Corporate America. There is a chance of you becoming among the thousands of people who are unemployed.
Its easy to save money on a job-loss mortgage protection insurance quote online through our online quote system.
With job-loss mortgage insurance, you can insure yourself that:
The Cons Of Job-Loss Mortgage Insurance
Still, there are drawbacks to job-loss mortgage insurance that you may not be aware of. You should consider these facts, before you decide against it.
1. Job-loss mortgage insurance does not cover everyone
You should find out who is eligible to receive job-loss mortgage protection insurance. According to DeadlineNews.com, you do not meet the requirements, if you are one of the following:
2. The maximum monthly benefits of job-loss mortgage insurance varies by insurance company
If you compare and contrast several insurance companies, you would see that the coverage rates and receivable maximum amounts of job-loss mortgage insurance are different. To determine the best maximum and rate, you should:
3. There is a grace period for job-loss mortgage insurance
In the scenario that you are laid-off from work, do not expect to be paid immediately by the homeowners insurance agency after filing a claim. According to Bankrate.com, job-loss mortgage insurance does not start, until 60 days after it closes. Once it starts, it is usually paid up to 12 payments, depending on the insurance company’s policy.
If you started a job-loss mortgage insurance policy before you were laid-off from your company, you will not receive any benefits for six months from the policy. However, some insurance companies refund job-loss mortgage insurance premiums to people who have lost their jobs within that time period. Ask a qualified home owners insurance agent before requesting a quote for this type of rider.
Job-loss mortgage insurance does help you, if you choose to invest in it. It will cover you for a short period of time, in the event of unemployment, but it will also give you and your family enough time to budget your expenses. In general, though there are consequences to this insurance plan, you can benefit in the long-run with job-loss mortgage insurance.
Published: Wednesday 11th March 2009
