Unless you live under a rock you know that the economy is at the worst level in a very long time, businesses are failing and people are losing jobs as a result. If your job is jeopardy and you have a mortgage you can't help but be concerned about making your mortgage payments and that's where mortgage unemployment insurance comes in.
If you are let go from your job as a result of a layoff, firing or company closing, mortgage unemployment insurance will make payments on your behalf and make sure you don't lose your house along with your job. A lot of insurances will also make mortgage related payments such as mortgage insurance and taxes as well, but check your policy for specifics.
Dealing with the loss of a job and often the primary household income is difficult enough but mortgage unemployment insurance ensures that the repo man wont one day show up at your door and tell you to leave. Having the coverage is invaluable in these rocky economic times and will pay off in both dollars and peace of mind knowing that your family and your property are protected from the unthinkable.
Even though you may have insurance coverage on your mortgage, it is very important to have a little money socked away for a rainy day. Typically I recommend that you have at least one month's mortgage payment in savings in case your claim gets tied up in processing causing you to miss one or two mortgage payments. While this typically won't result in repossession it could do a number on your credit rating.
One final item of interest, you may want to consult your insurance representative about adding an additional policy that covers you in case you become unemployed due to disability, or if you die. Doing so typically doesn't cost a lot extra each month and just adds a little more peace of mind during these troubled times. For a small amount the additional coverage makes a lot of sense.
If you are let go from your job as a result of a layoff, firing or company closing, mortgage unemployment insurance will make payments on your behalf and make sure you don't lose your house along with your job. A lot of insurances will also make mortgage related payments such as mortgage insurance and taxes as well, but check your policy for specifics.
Dealing with the loss of a job and often the primary household income is difficult enough but mortgage unemployment insurance ensures that the repo man wont one day show up at your door and tell you to leave. Having the coverage is invaluable in these rocky economic times and will pay off in both dollars and peace of mind knowing that your family and your property are protected from the unthinkable.
Even though you may have insurance coverage on your mortgage, it is very important to have a little money socked away for a rainy day. Typically I recommend that you have at least one month's mortgage payment in savings in case your claim gets tied up in processing causing you to miss one or two mortgage payments. While this typically won't result in repossession it could do a number on your credit rating.
One final item of interest, you may want to consult your insurance representative about adding an additional policy that covers you in case you become unemployed due to disability, or if you die. Doing so typically doesn't cost a lot extra each month and just adds a little more peace of mind during these troubled times. For a small amount the additional coverage makes a lot of sense.
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