What Is Mortgage Insurance Vs Homeowners Insurance?

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   Eric Narcisco

   CEO, Effective Coverage, All States

   Mortgage insurance, also known as private mortgage insurance, or PMI, is insurance that the bank requires and you pay for.  This coverage pays off the bank's loss if they're required to foreclose.  Homeowners insurance protects the home itself, as well as offers you liability coverage.  There is no overlapping coverage between the two.  The less you put down, the more likely you are to need PMI, but EVERYONE needs homeowners insurance.

   Answered on May 20, 2014

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