Does renters insurance cover job loss?
Is there a renter's policy that will cover my monthly rent in case I am laid off or get sick? I finally found another job after my company shut down due to Covid. I had a hard few months and never want to go through something like that again.
“I am sorry to hear that, but it is great that you were able to find a new job! This past year has been hard and I think we all want to make sure that we are protected again in the future.
Unfortunately, a renter’s policy does not offer coverage for loss of employment for any circumstance.
Some policies will provide rental assistance under certain circumstances.
If you are injured in an auto accident, your PIP may cover your rent if you have selected additional coverage. (This is not available in every state.)
Supplemental insurance can also help. It is offered through companies like Aflac and can provide payments for rent and monthly bills if you are:
- recovering from necessary surgery
Check with car insurance carriers as well. Some companies offer supplemental insurance options, like:
While none of these options apply for cases when you are out of work in general, they will help you out if you are out of work for a covered claim.”
MORE: What is PIP?
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