I feel that I have been over insured w/ my home insurance. I have HO +, I also am paying PMI. ?

Question

I feel that I have been over insured w/ my home insurance. I have HO +, I also am paying PMI. ?

Answer 1

PMI has not a thing to do with insuring your house.  PMI is for the benefit of the lender, in the event that you default on the mortgage.  That's the only time PMI comes into the picture.

Your homeowner's insurance covers the premises from damage and/or destruction.

Answer 2

If you can find a reputable insurance broker,they can make a list of what you've got and they let you know how much you need.

Answer 3

PMI protects your lender (it pays if you default and can be removed once you get an appraisal that shows you have 20% equity in your home - ie your mortgage amount is only 80% of what the house is worth)

HO protects your home/property and assets ...  always have this

Answer 4

two different things!

Both required by your lender..and you would be a fool not to carry.