October 22, 2009

Homeowners, renters, and condo owners all over the country are worried. They see their colleagues, family, and friends lose their homes and are worried the same could happen to them. Fortunately, according to an article recently published on InsuranceAgents.com, mortgage protection insurance serves a very useful purpose.

“One of the more costly expenditures for anyone is their rent or mortgage payments. And once you lose your job you will more than likely lose your ability to keep up on those payments on top of all your other bills and expenses,” states the article titled, ‘Job Loss Insurance For Condo Owners.’ “That is where job loss insurance comes in. Job loss insurance pays your rent or mortgage every month until you find gainful employment once again.”

That all sounds good and fine but keep in mind there are a few eligibility requirements. Any condo owner considering job loss insurance should know the following:

• Job loss insurance does not apply to those who are unemployed because of various resignations or misconduct/criminal activity.
• Job loss insurance does not apply to the self-employed or those who own more than 10 percent of the company they were laid off from.
• Job loss insurance benefits do not kick in immediately. The consumer must wait, usually up to 60 days after the loan closes, for the benefits to begin.

Any condo owner should consider job loss insurance if they’ve met the above criteria and are still gainfully employed but want that extra bit of assurance that should they suddenly become unemployed that their rent or mortgage will still be paid for.

Visit InsuranceAgents.com today to learn more about job loss insurance as well as to learn ways to lower condo insurance quotes.