Is Homeowners Insurance Mortgage Insurance? 
No . Homeowners insurance covers physical loss and liability suits . You can add on separate endorsements for scheduled property , campers , recreational vehicles and etc. . Mortgage insurance is insurance purchased in the event you default on your mortgage . Think about it in these terms : when you get a mortgage the bank wants to be added as a loss payee in the vent the house -LRB- its collateral -RRB- is destroyed . It also wants protection in the event you lose your job or decide to stop paying . Sometimes bank purchase this coverage , but in other circumstances first time borrowers with bad credit and a low down payment may be required to purchase mortgage insurance . I hope this helps . 