Definition: Squatter insurance refers to a type of insurance policy that protects individuals from losing their home when they move away from home for an extended period of time or when they lose their job. This can happen due to various reasons such as family change, financial issues, and health problems. The insurance policy typically covers the loss of property in the event of eviction, rent default, or any other reason that makes it difficult for the owner to return. The policy usually includes a waiting period for the owner to vacate their home before they can be replaced by another person or entity. One way to understand this term is by looking at the concept of 'rent defaults.' When someone rents a property and fails to pay their rent on time, the landlord may become entitled to take possession of that property. This process often involves filing for eviction, which could lead to squatter insurance policies. Squatter insurance covers these situations because it provides financial protection against loss when the owner is unable or unwilling to return home, whether it's due to losing their job or other reasons. The policy can be bought by individuals who may have moved frequently and are looking to protect their property from potential eviction. In summary, squatter insurance protects owners from losing their homes when they move away for an extended period of time or if they lose their job. It helps in mitigating the financial impact of such situations while ensuring the safety of both the owner and the property.
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