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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Is there such a thing as rent insolvency insurance?

Is there such a thing as rent insolvency insurance?

I’m thinking of something that works like unemployment insurance except that it’s private (because if it were available through the government I think I’d probably know about it), except that the purpose is solely to pay your rent and possibly utilities in the event that you become unemployed.
CODER, I didn’t say this presently applies to me. I would just like to have some insurance I can purchase in case it ever does (and not all loss of income is because of disability.).
CD086R:

Yes, I knew all of that, but thanks for the public service you’ve provided. It’s got nothing to do with what I’m talking about, but it’s always nice to remind people of that.
TOM, you look like a nice guy, but it really rubs me the wrong way when some people assume that every person’s circumstances are the same, and some go on to assume that if yours aren’t, it’s a character defect.

A) Everyone does not make enough money to save up for what happens should they lose their jobs. This is an uncomfortable reality often ignored on Internet bulletin boards like YA. B) Some people can’t get unemployment insurance for a variety of reasons, including, that they weren’t fired but quit for mental health reasons, or that the company from which they were fired protests the payout just to see if they can get out of it.
Not to mention, unemployment does not pay what a person has become accustomed to living on.

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5 Responses to "Is there such a thing as rent insolvency insurance?"

  1. Coder001 says:
    There is renter’s insurance which may cover this issue or short and long term disability. I would check about renter’s insurance first. Hopefully, you have disability through your employer too. Good luck.
  2. cd086r says:
    The basics of renter’s insurance:

    Too many renters don’t give a thought to “homeowners insurance”. They’re renting after all and haven’t got anything to protect, right? Wrong. What happens when your TV, computer, utterly state-of-the-art audio system, or ipod are all ruined because the guy upstairs forgot to turn off his bathtub and it flooded you out? In many cases, the landlord’s homeowners’ insurance will cover the cost to replace the damage done to the home itself – but not to your ipod. Renter’s insurance may also pay for you to stay somewhere else while your apartment is being repaired due to a fire or flood and protects you from liability should someone sue you for injuries that occurred in your unit.

    How does it work? A renter’s policy (generally known as an HO-4 policy) typically provides policyholders with a fixed amount for all your possessions and provides coverage for specific “perils” such as:

    Fire or lightning

    Windstorm or hail

    Explosion

    Riot or civil commotion

    Aircraft

    Vehicles

    Smoke

    Vandalism or malicious mischief

    Theft

    Damage by glass or safety-glazing material that is part of a building

    Volcanic eruption

    Falling objects

    Weight of ice, snow, or sleet

    Water-related damage from home utilities

    Electrical surge damage

    If you have expensive items to insure, ask about having an endorsement added to your policy to cover those items – and get them professionally appraised!

    ACV vs. replacement cost. Renter’s policies allow you to insure your belongings for the actual cash value (ACV) or replacement cost. ACV reimburses you for the value of the property at the time of loss. In other words, if your computer is old, you will only receive the value of the item at the time it was stolen or ruined. Replacement cost coverage reimburses you for the amount it costs you to replace your property. Obviously, replacement cost involves a higher premium. The key is to take an inventory of your items and assign values to everything – you’d be surprised at what you find!

  3. mbrcatz says:
    No, this doesn’t exist. It’s effectively unemployment coverage. In the USA, there is no private unemployment coverage. The public unemployment program, through the government, only pays HALF your wages.
  4. Tom Z says:
    You should already have it available it is called -

    1. Personal savings account
    2. Unemployment insurance

  5. Mathew says:
    Hi,

    I was looking into my insurance a couple of months ago. This site contains a great deal of helpful information:

    http://wahhealthanddentalinsurance.blogspot.com/

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