What Renters Insurance company has coverage in case of job loss?
December 6th, 2011
Question by onefeistydst: What Renters Insurance company has coverage in case of job loss?
I am looking for an insurance company for renters insurance that has coverage for a few months in case of a job loss or being unable to work due to sickness or injury.
Thanks for your answers, but I did find an insurance company that pays a portion of your rent for 2 months for involuntary unemployment, Assurant. Depending on how much your rent is they pay $ 500 to $ 1000.
Best answer:
Answer by Ginger
You are looking for disability insurance which provides replacement of a percentage of your income if you’re disabled and unable to work due to an extended illness or injury. Call a local agent and work with them to determine the length of coverage you would need, short term, long term or a combination of both. You’ll need to decide an elimination period (the period of time you would have to be disabled before the coverage kicks in), and the amount of coverage you would qualify for.
Renters insurance and disability insurance are not related. Renters insurance is designed to replace your personal property in the event you have a sudden and accidental loss of your property or are negligent and cause damage to the property you are renting.
I do not know of an insurance policy that provides replacement of income in the event of a job loss unrelated to an injury or illness. Of course, there’s unemployment coverage, but that’s not a “policy” an individual can buy.
**I am an Assurant representative and I have never heard of a policy they sell that covers involuntary unemployment without being disabled and unable to work due to the illness or injury. You may want to triple check what you’re being told. If it’s over the internet, be very careful about what you’re looking at. All disability insurance is sold with a percentage of your income as a qualification for the amount that is available. It’s not based on the amount of rent you pay and is not affiliated with rent or renters insurance. Of course, this may be a special program that only applies to certain states, but it’s certainly not available in my state and I’ve never heard of this in over 21 years in the business. I have heard of mortgage disability, but that is also based on the inability to work due to an illness or injury after a certain period of time and is not based on losing your job without being disabled.
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