Assurant Specialty Property Adds Optional Unemployment Protection Endorsement |
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Written by U.S. Insurance News
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Monday, 07 April 2008 |
The loss of a job doesn't have to mean the loss of a place to live.
In fact, those with new insurance coverage from Assurant Specialty Property can assure themselves of that.
Assurant Specialty Property has introduced an optional Involuntary Unemployment Insurance (IUI) endorsement to its renters insurance program that offers up to six months of rent protection-for a maximum benefit of $1,000 monthly-to insured residents who lose (not quit) their job.
According to Steve Hein, a vice president with Assurant Specialty Property, his company is the first carrier to offer an IUI endorsement with a renters insurance program.
"An immediate concern after a job loss is often how to pay the next month's rent," Hein said. And that's not the sole worry of the renter. Payment is also a source of concern for the renter's property manager.
"This new endorsement option for our renters insurance program can provide peace of mind to both parties in an uncertain economy," Hein added.
IUI provides residents the security that they will receive assistance to cover their rent should they lose their job involuntarily. Property managers get the peace of mind of knowing that they will collect a rent stipend directly from the insurance carrier if a resident is unable to pay his rent.
The IUI endorsement is now available in more than 30 states, and Assurant Specialty Property is seeking approval in additional states. The endorsement generally will add about $69 to the cost of the renter's annual premium.
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