Is Homeowners Insurance The Same As Mortgage Insurance?

  1. 1265 POINTS
    Drew Delaney, J.D., CLCS
    Commercial Lines Producer, Secure Investors Group, INC, Troy, Michigan
    No, homeowners and mortgage insurance are two different policies and they cover different events. 

    Homeowners:  this covers specified events that cause damage to your home, personal property and surrounding structures.

    Mortgage Insurance:  this covers a default on the payment of a mortgage.  What this means, is if you have a mortgage and you fail to pay it, then the mortgagee (e.g. bank) will file a claim against the policy to collect on the payment.

    I hope this helps.
    Answered on June 27, 2013
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