If I pay Statefarm for homeowners insurance.. is this consid
by Guest » Thu Jan 28, 2010 09:00 pm
If I pay Statefarm for homeowners insurance.. is this considered a "PMI insurance"? Or PMI insurance coverage that is given out by the actual mortgage lender?
Total Comments: 2
Posted: Fri Jan 29, 2010 12:57 am Post Subject:
Nope. PMI protects your lien holder in case you stop making payments on the loan. HO insurance covers you in case you have damage to the home.
Posted: Sat Jan 30, 2010 12:43 pm Post Subject: PMI insurance
Homeowner's insurance cannot be considered as PMI insurance. PMI insurance is the extra insurance that lenders need from the home-buyers who get loans that are more than 80% of their new home's worth. Homeowner's insurance provide protection to you against any damage, disaster or liability of your property and also to others property caused by you or your family.
Posted: Fri Jan 29, 2010 12:57 am Post Subject:
Nope. PMI protects your lien holder in case you stop making payments on the loan. HO insurance covers you in case you have damage to the home.
Posted: Sat Jan 30, 2010 12:43 pm Post Subject: PMI insurance
Homeowner's insurance cannot be considered as PMI insurance. PMI insurance is the extra insurance that lenders need from the home-buyers who get loans that are more than 80% of their new home's worth. Homeowner's insurance provide protection to you against any damage, disaster or liability of your property and also to others property caused by you or your family.
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