What's The Difference Between Homeowners Insurance And Mortgage Insurance?
You don't have to be a home insurance agent in Winchester ky to buy your first home, but it can be a problem when you come across the terms 'home insurance' and mortgage insurance. When you learn about your insurance needs at this important new milestone in your life, it can be helpful to know that there is a difference between home insurance and mortgage insurance. For many reasons, not all homeowners need mortgage insurance, but home insurance is often a necessity to ensure that their new home has adequate protection. If you are starting a Househunting and researching the pre-qualification process for mortgage loans, here is a look at each type of insurance, why you need it, how it can help you, and when you can buy it. What Is Mortgage Insurance? Mortgage insurance, also called private mortgage insurance or PMI, is insurance that some lenders need to protect their interests if you cannot repay your debt. Mortgage insurance cannot cover the house or save you as a home ...