When embarking on your homeownership journey, you may be inundated with extensive home-buying lingo. As exciting and confusing as buying a home is, the exorbitant amount of terms thrown your way can quickly leave you overwhelmed. Two such terms are “Homeowners insurance” and “Private mortgage insurance”. At face value, they may seem the same, but they couldn’t be more disparate.
Home Insurance covers the cost of the damages caused by accidental or natural disasters and insures your home and all the assets in it. The insurance is also called building insurance or property insurance and is one of the most important back-ups that anybody should hold as a homeowner. It is a policy that has your back, post-disaster.