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Homeowners Insurance: This is typically a requirement if you take out a loan to buy your home and is based on the value of your property. It covers you for natural disasters, break-ins, property damage, liabilities and more, which means you’ll want to keep an insurance policy even after you pay off your mortgage.
Rates and terms vary, so make sure to do your research before selecting an insurance policy.
Mortgage Insurance (MI): Required by some lenders and often mandatory when you make a down payment of less than 20%, this protects the lender in case you can’t make your payments. Depending on your lender and the specific mortgage product you obtain, MI may be paid in full or in part by you or on your behalf by the lender.