The home title property insurance compensates for the lawsuits and the lawyer bills if the person looks for this option. Similar things are applied in the mortgage of property. The only difference in property mortgage is that to protect the interest, the company who is lending money will acquire a separate policy of home title property insurance. If your home is being repaired after an earthquake and you are living in an apartment then your insurance company will pay the living expenses. Also if anyone gets injured while he is visiting you, then the insurance company would pay the medical expenses. House property mortgage and insurance: House property insurance is necessary nearly by all the lending departments before you got approved for mortgaging your property because they use it as legal formality and surety. It also facilitates those apartments or buildings that are not in use of business or any illegal activity. Whenever you apply for Michigan Basic property Insurance, an agent of Michigan Basic Property Insurance Association would come and examine the property. Agent of Michigan Basic Property Association will take an estimates of your property to check that it cover the requirements or not. What these have in common is an obligation to make the lender or property holder whole in the event of specific cases of loss. Private mortgage insurance may be called "lender's mortgage insurance" (LMI) if the premium on a PMI policy is paid by the lender and not the borrower. This is typically done in exchange for a higher rate or fee structure on the mortgage itself. Business Property Insurance Setting up a new business is a tough task and requires proper skills. There are so many things which should be kept in mind before stepping into the business. Such things may seem mind-numbing, but apart from this business property insurance is a major thing, which should be considered first. These insurance policies also provide liable cover on the cost of renovation and reconstruction of a building, which has been damaged due to earthquake or fire. However, citizen property insurance has certain limitations with various benefits. There are some types of losses or damages, which is not included in the liable policy coverage of citizen property insurance.