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What’s the difference between home insurance, mortgage loan insurance and mortgage insurance for a down payment of less than 20%?

Home insurance is used to protect your property in the event of loss, theft, fire, etc., in addition to providing coverage for your civil liability.

Mortgage loan insurance covers your loan balance or payments in the event of death, disability or critical illness.

If you buy a home with a downpayment less than 20% of the value of the property, lenders like National Bank require you to take out insurance with one of the recognized mortgage loan insurers, SagenTM (formerly known as Genworth) or the Canada Mortgage and Housing Corporation (CMHC). These organizations allow you to make a downpayment of as little as 5%.

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