Payment protection insurance for renters
We hear a lot about mortgage insurance related cover. Articles abound about providing protection for homes so people can keep up their mortgages. However we hear little about renters and as any renter will tell you, they wish to protect the roof over their heads as much as mortgage holders. Some renters are paying the mortgage holder half the mortgage amount but they don’t enjoy the same protection as the mortgage holder. Renters cannot obtain mortgage payment protection insurance because they are not mentioned on the mortgage deeds.
The alternative to mortgage insurance is income payment protection insurance. With income protection it doesn’t matter that the renter doesn’t have a mortgage. The insurance is not tied to any mortgage or any loan, it is simply based on the income of the worker. Renters in work therefore have the option to take income protection and assuming they qualify, renters can cover hundreds of pounds a month paid personally into their bank accounts to use as they see fit. Should unemployment hit them, renters can potentially afford to keep up rental payments and keep their rented home over their heads.
