Help Prevent Foreclosure with Mortgage Protection Insurance, Suggests InsuranceAgents.com

Losing your job does not have to mean losing your home with mortgage protection insurance. End Quote

Should you choose to invest in it, mortgage protection can protect you from losing your home in the face of an unstable economy

Chicago, IL (1888PressRelease) August 10, 2009 - Let’s face it: today, job security is a thing of the past. The current unemployment rate in the U.S. is 9.5 percent—nearly 15 million Americans, according to the Bureau of Labor Statistics. One of the first things that can happen to someone after losing their job is losing their home. Generally, when one loses their income—or suffers from a significant income reduction—mortgage payments are the hardest bill to pay. But a homeowner can take steps to prevent their home from falling under foreclosure.

Homeowners should not waste any time in contacting their homeowner insurance agent and asking about job-loss mortgage protection, according to a recently published article on InsuranceAgents.com.

“Should you choose to invest in it, mortgage protection can protect you from losing your home in the face of an unstable economy. With an added job-loss rider, mortgage protection will help pay your mortgage payments in the event that you lose your job and can also cover your mortgage if you are otherwise unable to continue the payments on your own,” according to the InsuranceAgents.com article, ‘What Does Mortgage Protection Insurance Do?’

What homeowners need to keep in mind before purchasing mortgage protection, however, are the issues that influence how much they will end up paying for that coverage. Insurance agents will use several factors to determine how much you will be charged for your mortgage protection insurance. The deciding factors include the cost of your mortgage payments, the recession, and the likelihood that you will become unemployed.

“If your employer, your industry, or your local area has been slashing jobs left and right, that may mean your job is even less secure than some. The job market has a significant deciding factor on your mortgage protection premium. The higher the risk that you may lose your job, the more your mortgage protection insurance may cost,” according to the InsuranceAgents.com article.

Mortgage protection is more important now than ever before. Generally no employee is safe and, without proper mortgage protection, their homes are not safe either. Consult your homeowners insurance agent today to find out whether mortgage protection coverage is right for you. Ask about whether job-loss coverage is included—if not, you’ll have to add a job-loss rider, so your insurer can cover your mortgage if you do become unemployed in the future.

You don’t want to be among the thousands each month across the country that lose their job, but if you are, don’t let your house fall under foreclosure. Consider investing in mortgage protection insurance.

Staff contribution: Meha Ahmad

Visit InsuranceAgents.com for more information.

www.insuranceagents.com/mortgage-protection.html

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