Mortgage Unemployment Insurance 101

If you have only recently become aware of mortgage unemployment insurance this article will give an overview of the basics. Mortgage unemployment insurance is one type of mortgage protection insurance and is becoming more and more popular for those who are interested in protecting their home from foreclosure due to loss of employment.

Coverage is Easy to Qualify For

Qualifying for this coverage usually requires a year-round, full-time job and a mortgage. Although, most of these insurance providers will not offer you coverage if you are self-employed.

It is Easy to Find a Policy to Suit Your Needs

As the market for this new type of coverage has grown, more providers have sprung up, making it easy to find this type of insurance. You can usually obtain a policy from your mortgage lender or find another provider.

The internet is a great place to search and compare policies. There are lots of reputable providers and you can easily and conveniently compare rates and polices online.

Mortgage Unemployment Insurance is Easy to Understand

In addition, these policies are pretty straight forward and easy to understand. You pay a fairly low monthly premium and if you lose your job through no fault of your own, the policy will pay you a cash benefit based upon your monthly mortgage for a specified period of time or until you gain employment.

There are, however, different policies offered by different mortgage unemployment insurance companies. The differences generally are the following:

* Amount of cash benefit

* Length of unemployment before benefit begins

* Time period of cash payout

* Waiting period before claims can be filed

These are all items in your policy that will be agreed upon when purchasing mortgage unemployment insurance. They can also be used to compare policies and rates.

Easy to Add Additional Coverage Options to Increase Your Protection

In addition to a simple policy, you can also get further protection by extending your policy to include enhancements. Here are some of the more common extensions of a normal protection policy.

* Addition of spouse to policy

* Disability insurance (loss of job through disability)

* Protection for striking workers

All of these additional protections will add to the cost of your premiums, but they can certainly come in handy in specific situations.

While mortgage unemployment insurance is one of the simpler forms of insurance, it still requires some research on your part. In today's rocky economic climate, which includes escalating unemployment rates, this type of protection is becoming a safer bet and nearly a necessity for those who want to protect their home. Get started finding mortgage protection insurance today!