Home Insurance vs Mortgage Insurance: Key Differences
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As homeowners, we often find ourselves navigating the complex world of homeowners insurance and mortgage insurance. While both types of insurance are related to our homes, they serve distinct purposes. Understanding the differences between them is crucial for making informed decisions about our financial protection. Home Insurance vs Mortgage Insurance: Key Differences We will explore how home insurance protects our property and belongings from various risks, whereas mortgage insurance typically safeguards the lender's interests in case of default. By grasping these differences, we can better manage our financial responsibilities and ensure we have the right coverage. Key Takeaways Home insurance covers damage to the property and belongings. Mortgage insurance protects the lender in case of loan default. Understanding the differences is crucial for financial planning. Both types of insuran...