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'Unemployment insurance' sees boost during recession

Posted On Mon, January 11, 2010

As the economic downturn continues into 2010 with only marginal signs of improvement expected to be seen in the coming months, new forms of unemployment insurance are increasing in popularity so families can remain in their homes.

In attempts to ease the concerns of consumers who may be putting off the purchase of a home because of worries their means of income may be in jeopardy, insurers have taken to offering coverage on mortgage payments if one loses their job, recently reported.

"Job loss protection plans in real estate are gaining in momentum," said Dan Forsman, president and CEO of Prudential Georgia Realty. "It's a bit early to quantify at this point, but I can tell you our 1,200 agents love having this as an option."

According to Bankrate, Prudential Georgia's Mortgage Protection Program covers the homeowner for $1,800 per month or the principal, interest, taxes, and insurance costs for six payments over a 24-month coverage term.

So far, the plans have seen their most popularity among the self-employed, those who are retired or in military service, or people already without a job who are looking for a new home.

Because some of the terms are subject to verification (for example, unemployment must be involuntary) it may be best to look for insurance online before committing to a plan that could end up being beneficial in a tough economic time.

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