Homeowners' insurance policies typically insure the contents of the home for a percentage of the structure's replacement cost. But chances are your furnishings and other "stuff" haven't increased in value as rapidly as your home has appreciated over the past three or four years. As a result, you may be able to shave something off your escalating insurance premium by reviewing the inside coverage amount.
Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency. If a borrower can’t repay an insured mortgage loan as agreed, the lender may foreclose on the property and file a claim with the mortgage insurer for some or most of the total losses.