Is there a type of insurance to cover rent if I cannot pay it?
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Is there a type of insurance to cover rent if I cannot pay it?
Asked on July 13, 2011 under Real Estate Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
To my knowledge, there is no insurance policy that can be purchased by a tenant to cover rent in general if the tenant cannot pay the rent when owed except in a few narrow circumstances.
One example is when one has an insurance policy for physical disability or work lay off. A person who has an insurance policy covering physical disability or work related issues such as being laid off, the policy may provide coverage for rent if you cannot work due to a physical disability or being laid off from work.
Potentially you might consider calling an insurance agent about disability or work lay off insurance to see what is on the market for purchase, the coverage provided and premiums.
Your question was pretty narrow and had no facts elaborating it. Hopefully the above answered the question.
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