October 27, 2009

Chicago (InsuranceAgents.com) – Anyone who has hired a contractor to build their home can argue that it is a very tiring but rewarding experience. And when that whole experience is over, most homeowners want to think about nothing else but living life and enjoying their brand new home. However, according to an article recently published on InsuranceAgents.com, a quality homeowners insurance policy is key and no homeowners insurance policy is complete these days without job loss insurance added on.

Although the recession has been declared over by “the experts,” there is no question that the unemployment rate and foreclosure crisis will continue on for the foreseeable future. Mortgage protection insurance is designed to aide homeowners in the paying of their mortgage payments through periods of unexpected unemployment. “After all the blood, sweat, and tears you put into building your dream house and with jobs in all sectors being cut unexpectedly, you do not want to lose your new house as a result of not being able to pay your mortgage. That is why you need job loss insurance,” according to the InsuranceAgents.com article titled,  ‘Job Loss Insurance For Your Newly Constructed Home.’

There are a few exceptions when it comes to job loss insurance as there are a number of factors that could deem a homeowner ineligible for coverage.

• Unemployment because of resignation, mandatory retirement, or termination as a result of criminal activities or misconduct
• Owning more than 10 percent of the company or self-employment

Also, in most cases with job loss insurance, the consumer must wait up to 60 days after the loan closes before the benefits begin. Job loss insurance is best purchased while still employed as a precautionary measure for possible being unemployed in the near future.

Visit InsuranceAgents.com today to learn more about job loss insurance or for home insurance quotes from up to five local agents.