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Job Loss Insurance Offered to Condo Owners

December 21, 2009 by · Leave a Comment 

The job market these days still remains a scary situation for both the employee and employer. Such uncertainty has left both homeowners and renters with the harsh reality of becoming homeless should they lose their jobs. Due to the current economic standings, there is now a job loss mortgage insurance rider that can be applied to your renters insurance policy. The question that many are asking is: What if I am a condo owner, do these same benefits apply to me? According to a recent article by InsuranceAgents.com, both rent-to-own condo buyers and official condo owners will qualify for job loss insurance. Mortgage and rental payments are generally the most costly of ones expenditures. In the event that job loss occurs, it can become extremely difficult to continue these payments in a timely manner especially considering all other outstanding bills to be paid. Therefore, this job loss insurance is highly beneficial as it covers your monthly rent or mortgage payments until you find a stable place of employment. Job loss insurance does, however, have certain eligibility requirements which must be met.   Here is a list of these requirements: 1) Condo owners are only able to use this coverage if they are let go (quitting or being let go due to misconduct or criminal activity does not count). 2) Condo owners cannot be self-employed, or own more than 10 percent of the company where they are employed. 3) Job loss insurance must be purchased while the condo owner is still employed, and they must wait 30 to 60 days after the loan closes before coverage begins. If the condo owner meets all eligibility requirements, this coverage will guarantee that the insurance company will make all payments due to their mortgage company. With the current sliding job market, it is hard for anyone to claim their employment status is 100% safe. For peace of mind as well as ensuring you will be able to keep your property, it highly recommended that you check with your insurance company about obtaining job loss mortgage insurance. Some have already done so, have you? Submit to our poll here: Have you purchased job loss insurance for your house or condo?

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