Got a Newly Built Home? Consider Job Loss Insurance
New homeowners and their newly-built homes are probably eager to take that first photo, standing proudly in front of their new property. But before they get too complacent, it's important for them to get the right kind of homeowners insurance coverage, including job-loss mortgage insurance. After all the expenses they paid to build a new home—construction, hiring a contractor, materials, buying the lot—having it financially protected is of the utmost importance. And these days, with the unstable job market, no one wants to lose their job and then lose their home (especially right after they finally get it!). That's why a new article from InsuranceAgents.com, "Job Loss Insurance For Your Newly Constructed Home," recommends homeowners with newly constructed homes to include job loss insurance in their home insurance policy.
"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 article.
Job loss mortgage insurance provides homeowners with the ability to keep making their mortgage payments even after they have lost their job and income. That way, homeowners are able to keep a roof over their head and ownership of their property in their hands while they seek further employment.
Homeowners who do not want to be among the unlucky few who are unfortunate enough to lose their job, and possibly their home, should consider job loss insurance. Job loss insurance will cover homeowners during periods of unexpected employment, except the following:
- If they are unemployed because of resignation, mandatory retirement, or are terminated because of criminal activities or misconduct then they can not get job loss insurance.
- If they own more than 10 percent of the business that employed them or are self-employed then they cannot collect job loss insurance.
- They must wait up to 60 days after the loan closes before they can start reaping the benefits of job loss insurance.
Homeowners—especially those with newly built homes, so quite possibly have a lot more to lose—should seriously consider if job loss insurance is right for them by contacting a local homeowners insurance agent. For more information, visit InsuranceAgents.com.
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