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Many people have questions about the differences between homeowner’s insurance and mortgage protection insurance. Simply put: Homeowner’s insurance protects your home from unexpected damage, whereas mortgage protection insurance protects your family from losing your home due to an unexpected loss of income.
In this article, we’ll explore these two insurance products for homeowners to explain what they are, what they cover and how they’re different.
Mortgage protection insurance, often called MPI, is a term life insurance policy designed for homeowners. If you pass away during your term (the time you’re paying premiums to the insurance company), your beneficiary will receive a death benefit to pay off your mortgage.
MPI is different from PMI, or private mortgage insurance, which protects your lender if you default on your loan. While MPI is optional, PMI can be required and is designed to protect your mortgage lender as opposed to you and your family.
Mortgage protection insurance covers your mortgage payments if you pass away, lose your job or become critically ill or disabled. This type of life insurance provides long-term financial protection, knowing that your family could stay in your home if you were no longer able to pay your mortgage.
Mortgage protection insurance is very affordable – plans can cost less than $20/month. MPI policies also have extremely high acceptance rates, and you can qualify without taking a medical exam. With Quility, you can qualify and apply in less than 10 minutes.
Homeowner’s insurance protects your home from damage – both to its structure and to your personal items. If you have a mortgage, you may be required to purchase a minimum amount of homeowner’s coverage.
Homeowner’s insurance coverage differs depending on the policy you choose. Most plans cover damage to the structure of your home, including damage caused by severe weather conditions, fires and water.
Some plans cover theft and vandalism of your home & belongings and include personal liability coverage, which protects you if someone gets injured on your property. If someone is injured on your property, homeowner’s insurance can cover their medical payments.
Homeowner’s insurance protects the structure and contents of your home and mortgage protection insurance protects your mortgage payments and your family from losing your home.
At Quility, we know that there’s no one-size-fits-all insurance solution and that everyone’s insurance needs vary. Connect with an insurance agent today to find the best-fit plan for your budget and goals.
If you already enjoy the peace of mind that comes with homeowner’s insurance, you may consider getting mortgage protection insurance – and gaining peace of mind for your family for years to come. With Quility, you can choose between 80+ top insurance companies and between an online application or a consultation with a licensed agent.
