Mortgage insurance

[zerodown]

I did a Google on mortgage payment protection, mortgage payment insurance, etc... All I found was a bunch of companies in England offering such coverage in case of unemployment and/or disability.

 

Is there such a thing on this side of the 'big pond'? Note that this is not PMI.

 

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[breeze]

Hey 0 <wave>

 

Yes, some major P&C companies (ones that writie homeowner's) sell it as a package product (life and disability to cover the mortgage only). I suggest you get your own, if you are healthy. You can get cheap term life insurance from a number of life insurance companies, and a disability policy for the amount of your payment, if that's all you need. If you're going to get disability, and don't already have a policy, I suggest you go on and get a good policy that would replace your income in the event of disability. If your health is questionable, go for the packaged product, the underwriting is not as tough, but the price is higher.

[zerodown]

Hey 0  <wave>

 

Yes, some major P&C companies (ones that writie homeowner's) sell it as a package product (life and disability to cover the mortgage only). I suggest you get your own, if you are healthy. You can get cheap term life insurance from a number of life insurance companies, and a disability policy for the amount of your payment, if that's all you need. If you're going to get disability, and don't already have a policy, I suggest you go on and get a good policy that would replace your income in the event of disability. If your health is questionable, go for the packaged product, the underwriting is not as tough, but the price is higher.

 

Hi Breeze <wave back>

 

Actually, I was most interested in the unemployment coverage aspect as I already have the traditional disability ins. through my work. The only thing I've found so far is at www.gemortgageprotection.com and I was looking for some competition. Also, living in S. Fla drastically reduces my options regarding homeowners ins. Last year in my area there was exactly 1 company underwriting - and it's the state insurance pool. :x

 

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[breeze]

Ahhhhh, that, I do not know! Unemployment insurance is a fairly new coverage, not a lot of companies offering it.

 

Florida homeowner's is a a mess right now! Well, at least it solves the problem of shopping around for it. :wink: