Job Loss Insurance for Your Condo
With workers losing their jobs left and right, families are struggling to make monthly bill payments and put food on the table. Because of this turmoil, homeowners, renters and condo owners are investing in job loss insurance to protect themselves in case they become involuntarily unemployed. Regardless of whether you rent or own, you still have to make monthly payments and without a steady income, it will be difficult to do so.
One of the more costly expenditures in life, rent or mortgage payments can place you in a financial black hole if you don’t keep up with the payments. Fortunately, if you become a victim of the unemployment craze that’s taken the country by storm, you can protect yourself with a quality job loss insurance policy. Why? Because adding this rider to your existing homeowners insurance policy will help pay for your rent or mortgage until you become employed again. Fill out a form now to compare condo insurance quotes.
Before you go out and obtain a policy, however, there are some rules and stipulations you should familiarize yourself with:
- You are only eligible for job loss insurance if you jobless as a result of being laid off and not as a result of resignation, mandatory retirement, or dismissed because of misconduct or criminal activity.
- If you are self employed or own more than 10 percent of the company that employed you then you are ineligible for job loss insurance.
- You must purchase job loss insurance while you’re still employed and must wait 30 to 60 days after the loan closes before coverage starts.
- Your job loss insurance provider will make any rent or mortgage payments directly to your mortgage company or landlord.
Don’t Pass on Job Loss Insurance
With the economy currently in a downturn, workers everywhere are holding on for dear life to their jobs. Unfortunately, the unemployment rate hasn’t shown any signs of slowing down. Protect you and your family from losing your home by investing in a job loss insurance policy today.
Staff contribution: Rafael Onak
For more information, read Job Loss Insurance For Condo Owners. Visit InsuranceAgents.com for expert articles and condo insurance quotes from up to five local insurance agents. Article Source:http://www.articlesbase.com/personal-finance-articles/job-loss-insurance-for-your-condo-1756892.html
