As unemployment increases, InsuranceAgents.com discusses how a quality home insurance policy can prevent foreclosure.
Online PR News – 28-October-2009 – – With jobs being lost and mortgage payments becoming more and more difficult to pay, some homeowners are turning to job loss insurance for help. This is a smart move for any homeowner, according to an article recently published on InsuranceAgents.com. Job loss insurance functions so homeowners don’t have to worry about being included in the 6,500 to 10,000 home foreclosures that happen each day.
For many homeowners, unemployment happens unexpectedly and takes a drastic and immediate effect. Unfortunately, the first expense that becomes overbearing is the mortgage payment. That is where mortgage protection insurance comes in. If a homeowner becomes unemployed then they could be eligible for job loss insurance. There are several exceptions in terms of how unemployment happens that could result in ineligibility but that is the main hurdle to overcome.
Job loss insurance comes in the form of a rider to an existing homeowners insurance policy. With it, the homeowners insurance company agrees to pay part or all of a mortgage during the period of unemployment. The payments are made directly to the mortgage company and generally begin about 60 days after the loan closes.
Job loss insurance isn’t the only way that homeowners can keep their house theirs. Comparing homeowners insurance quotes online could save any homeowner by finding them a more attractive policy then their existing policy. The money saved can be used to help pay the mortgage.
Visit InsuranceAgents.com today to get in touch with a home insurance agent and to learn more about job loss insurance, preventing home foreclosure, and saving money on homeowners insurance.