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, like many other Americans, are laid off, mortgage unemployment insurance will help make sure you keep your home by making payments on your behalf for your mortgage, making sure you can stay in your home and preventing a bad situation from becoming worse. Most policies will include other expenses such as mortgage insurance or other home related coverage as well.
Losing an income can be devastating to a family, and having your home repossessed by creditors can create a whirlwind of problems and expenses for lawyers, and relocating to a new residence. Mortgage unemployment insurance is tremendously valuable with the peace of mind that it brings knowing that you are covered despite the worst economy since the great depression.
Despite having coverage, which is invaluable, you would be very smart to stick away a little extra money in a rainy day fund prior to losing your job. While it can be very difficult to save money in this tough economy it can be a big help. I recommend that you try to save one or two month's payments just to be sure you are covered in case your insurer takes a while to process your claim and start payments.
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. - 21151
If you, like many other Americans, are laid off, mortgage unemployment insurance will help make sure you keep your home by making payments on your behalf for your mortgage, making sure you can stay in your home and preventing a bad situation from becoming worse. Most policies will include other expenses such as mortgage insurance or other home related coverage as well.
Losing an income can be devastating to a family, and having your home repossessed by creditors can create a whirlwind of problems and expenses for lawyers, and relocating to a new residence. Mortgage unemployment insurance is tremendously valuable with the peace of mind that it brings knowing that you are covered despite the worst economy since the great depression.
Despite having coverage, which is invaluable, you would be very smart to stick away a little extra money in a rainy day fund prior to losing your job. While it can be very difficult to save money in this tough economy it can be a big help. I recommend that you try to save one or two month's payments just to be sure you are covered in case your insurer takes a while to process your claim and start payments.
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. - 21151
About the Author:
Charles Johnson is a personal finance writer for PE Financial Services. Visit PE Financial for articles on investments, loans, and insurance including mortgage unemployment insurance.
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