Is Homeowners Insurance The Same As Mortgage Insurance? 
No , homeowners and mortgage insurance are two different policies and they cover different events . Homeowners : this covers specified events that cause damage to your home , personal property and surrounding structures . Mortgage Insurance : this covers a default on the payment of a mortgage . What this means , is if you have a mortgage and you fail to pay it , then the mortgagee -LRB- e.g. bank -RRB- will file a claim against the policy to collect on the payment . I hope this helps . 