The merger of these two organization resulted in the new organization of Citizen Property Insurance. Hence, the citizen property insurance became more efficient and effective provision for the citizens. Florida is a prone area of natural calamity like storms and hurricane, so the homeowners of Florida have higher risk of loss and damage of property. 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. Assets Mortgage Insurance When ever we think about mortgaging property, we have to little bit think and understand about that phrase. Now we are going to discuss what does that property mortgage insurance means. Definition: An insurance policy that protects a mortgage lender or title holder in the event that the person who borrows defaults on the payments, dies, or is otherwise unable to meet the contractual obligations of the mortgage. Florida Corporation also facilitates those house owners who were not capable to take advantage from other insurance companies. Both of the companies who joined hands to facilitate the population of Florida were state running insurance companies. We are not going to discuss both of them in detail. But we look on the conditions, when there is no name of Florida insurance Corporation means before its establishment. For instance, if a fire mishap occurs then the policy of business property insurance will help you to claim the compensation for the loss or damaged property; it also includes rebuilding or reconstruction of property. The premium price decided by the companies concludes what type of business property insurance coverage a business will get. The property that meets the requirement of Michigan basic property insurance includes residential apartments or the building that fulfill the building code principles. 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.