Not only that, other losses incurred by natural disasters like storms, fire, flood etc could easily be recovered by this type of property insurance. How this property insurance facilitate the land owners? Different types of perils caused losses for us and property insurance provides shield to recover such loses. Mortgage insurance can refer to private mortgage insurance (PMI), mortgage life insurance, or mortgage title insurance. 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. While planning to have Florida property insurance, one should insure the equal amount of money to construct your home back again in any disaster situation. Your security interest would not affect Florida property insurance because it does not depend much on it. But still in many states, it is illegal to have more insurance cost as compared to the replacement cost. 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. House property insurance has various types of policies, some of them are mentioned below. Insurance coverage is required to cover the loss in case of theft or loss of personal articles and items. Especially, students suffer from such property loss; they have more risk of this kind of loss of personal properties. Often, student lose their personal items such as, books, personal computer, camera, stereos, calculator clothes, furniture, etc due to the vandalism, water, theft, or fire. The people of Florida were in a great trouble at that time because neither the insurance company allows compensating for the losses caused by natural mishaps like Windstorm etc. Basically Florida is situated near to the Pacific Ocean. That's why hurricanes and other natural disasters are common in this area.