ACE USA, the U.S.-based retail operations of the ACE Group of Companies has announced an enhancement to its Disaster Mortgage Protection program by adding coverage for condominiums and multi-family dwellings through its ACE Select Markets division.
“The typical homeowners policy pays for the repairs to your home but it does not make your mortgage payment if your home becomes uninhabitable,” stated Kim Kennedy, Vice President, ACE Select Markets. “Disaster Mortgage Protection pays your mortgage payment while you are unable to live in your home, for up to two years. Expanding Disaster Mortgage Protection coverage to owners of condominiums and multi-family dwellings now allows this class of homeowner to avail themselves of the benefits of this coverage.”
Disaster Mortgage Protection is insurance that pays your monthly
mortgage payment (including taxes and escrow) should your home become uninhabitable for 48 hours or more due to a covered disaster causing damage to your home. If a disaster makes your residence uninhabitable your Disaster Mortgage Protection coverage will begin to pay your mortgage payments. Payments may be payable for up to two full years while your home is repaired or rebuilt. Additionally, Disaster Mortgage Protection provides added coverage by reimbursing an insured their deductible amount under their primary homeowner policy when there is a reported and covered loss to their property.