Assurant Specialty Property, a provider of specialty insurance and collateral protection programs, has introduced Involuntary Unemployment Insurance endorsement to its renter's insurance program that provides up to six months of rent protection.
The optional endorsement is available in more than 30 states in the US and approval is being sought in additional states in the US. Under the new option, the insured gets a maximum benefit of $1,000 a month in the event of involuntarily unemployment.
Steve Hein, vice president of national sales of Assurant Specialty Property, said that the company is the first insurance carrier to offer an Involuntary Unemployment Insurance (IUI) endorsement with a renter’s insurance program.
This optional endorsement generally will add about $69 to the cost of the renter’s annual premium. The additional coverage will provide a benefit of up to $1,000 per month for a maximum of six months toward the resident’s monthly rent. Payments are made directly to the property management company or property owner.
Mr Hein said: An immediate concern after a job loss is often how to pay the next month’s rent. And that also can be a concern of the person’s property manager. This new endorsement option for our renter’s insurance program can provide peace of mind to both parties in an uncertain economy.