What companies offer mortgage insurance/protection for unemployment?
Issue by Laura L: What businesses supply house loan insurance policy/protection for unemployment?
I’m hunting to receive home loan insurance policy/defense on my residence in the event both my husband or I eliminate our jobs. Just a thing that will shell out the monthly invoice until a new job is located. I see a lot of web sites providing it and a whole lot more that just provide defense in the occasion of disability or demise. Are there any companies that are recommended for this?
Best answer:
Reply by src50
None.
Give your response to this query under!
Your only hope is to get this thru the mortgage company that gave you the loan. They sell services like this; including making your mortgage payment when you are ill or die.
Otherwise, Lloyd’s of London is the only company that offers “customized” insurance for anything that you want to have insured..
None, in the USA. Unemployment is ONLY “sold” by the state.
That’s because there is a huge problem with “adverse selection”, like flood insurance – if the government didn’t force ALL employers to buy it for their employees, then people who DID buy it, would have incentive to put in claims.
Your best bet, is to not overextend, when buying a house – don’t buy one, until/unless you can put down 20%, and make sure that the mortgage payment is less than 40% of either one of your incomes.