Mortgage Insurance vs. Homeowner Insurance

Although mortgage insurance and homeowners insurance are sometimes confused, they are vastly different. One protects the homeowner and their property and the other protects a mortgage lender. In this video, our CEO Justin Kelly goes into detail about the differences between mortgage insurance and homeowners insurance. 🏡

Homeowners insurance, otherwise known as hazard insurance will help protect homeowners against things like fire, theft, and damage. In addition, it can also protect you from liability if someone were to get injured on your property. 🚑

On the other hand, mortgage insurance actually insures the lender, not the homeowner. Mortgage insurance is needed when more than 80% of the home value is borrowed by the homeowner. Basically, the homeowner is insuring the lender. 💭

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