What Is The Difference Between Pmi And Home Insurance?

  1. 805 POINTS
    Benjamin Thornton
    Insurance Broker, Arlington, Massachusetts
    PMI insurance and home insurance are completely different.  Home insurance protects you, the home owner, from damages or liability with regards to your house and property.  PMI insurance on the other hand protects the mortgage holder from you.  PMI insurance protects the lender from losing their money in case you can not afford to make your mortgage payment.  Because of this insurance, they are willing to provide more money to the home buyer than they would based on collateral alone.
    Answered on February 10, 2014
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