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How is PMI different from other types of insurance associated with home ownership?

April 26, 2017associated different Home Insurance ownership PMI types

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How is PMI different from other types of insurance associated with home ownership?

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PMI is not mortgage life insurance, which pays off a mortgage if you die or become disabled. It is not homeowners’ insurance, which protects you from loss from theft, fire or other disaster. Mortgage insurance protects the lender and investor from loss, not the borrower. PMI protects the lender, in the case that you should default on your payments.