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Job loss insurance for homeowners

October 23, 2010 - In this tough economic climate, people may not want to be forced into the moving process. Many homeowners may be unaware that they could protect their residence if they were to lose their job with job loss mortgage insurance.

Payments are made directly to the lender and, depending on what was included in the original mortgage payment, the policy may cover principal, interest, taxes and insurance.

Quincy A. Virgilio, Jr. president of the Santa Clara County Association of Realtors, said, "The job loss insurance is a big help for many mentally, knowing that the help is available if they should lose their jobs."

The news agency cautions that this insurance isn't available to everyone. Those who are already unemployed, retirees and people working in sectors with a high rate of unemployment do not qualify.

Some developers even see job loss insurance as a way to attract buyers. Earlier this year, the owners of the SoMa Grand condo development in San Francisco were offering job loss insurance to anyone who bought a unit in its complex, notes the San Francisco Business Times.

It may be a good idea for homeowners or those thinking of starting the relocation process to do some research to find the right policy; coverage, cost and requirements vary with each policy and provider.

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