The purchase of a new home is a complicated and stressful process; the one thing you absolutely must avoid is worrying about the many different kinds of insurance and insurance coverage available to homeowners. But there are big differences between mortgage and homeowner's insurance that should be kept in mind.
Both homeowners insurance and mortgage insurance are types of insurance. Mortgage insurance exposes you to both of these types, which can increase the cost of home ownership. Their similarities, though, cease there.
The Difference Between Mortgage and Homeowners Insurance
The primary distinction between mortgage and homeowner's insurance is who is protected. Homeowners' insurance may primarily cover the borrower, while mortgage insurance may cover the lender's investment in your home.
As you go through the mortgage process, you will come across both homeowners insurance and mortgage insurance, but they are two different types of insurance. Having both mortgage and homeowner's insurance is essential to securing one's financial investment in a home.
At Roper Insurance Services, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (828) 697-6709. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!