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Is mortgage insurance different from other types of home insurance?

April 26, 2017annuities Annuity annuity calculator deferred annuities different fixed annuities Home Insurance mortgage insurance types variable annuity

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Is mortgage insurance different from other types of home insurance?

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There are several types of insurance that a homeowner must consider. Hazard insurance is designed to protect the homeowner from loss due to specified hazards such as fire or flooding. Homeowners insurance protects the homeowner if the house and/or its contents suffer an unforeseen occurrence such as weather damage or theft. Mortgage life insurance is an insurance policy that provides financial protection for the homeowner and their family in the case of the homeowner’s demise. Mortgage insurance provides protection for the lender in case the borrower defaults on the home loan.