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Home Insurance vs. Mortgage Insurance: Which Is The Better Option?  

Being a homeowner comes with many costs. Some you know are coming like repairs and maintenance. Others are less obvious. One of those is insurance.

If you are going to own a home, you need to have insurance. Most people have simple homeowner’s insurance that covers their dwelling and belongings if something happens. You may never have heard of another kind of insurance called mortgage insurance. This article will discuss the difference between the two.

In the case of financed homes, you would be required to have homeowner’s insurance. Also, you may have to shell out extra money for mortgage insurance, depending on the down payment size.

Often, property owners get confused between private mortgage insurance, homeowners’ insurance, and mortgage protection insurance. At the outset, you need to understand the provisions of each of these types. This will help you save money in the long run in that you won’t be spending money on something you don’t need.

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