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. 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. Whenever you apply for Michigan Basic property Insurance, an agent of Michigan Basic Property Insurance Association would come and examine the property. Agent of Michigan Basic Property Association will take an estimates of your property to check that it cover the requirements or not. Such estimation does not charge the owner of the property as it is an expense of Michigan basic property Insurance Association. 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. This is typically done in exchange for a higher rate or fee structure on the mortgage itself. Policy # 4: The forth type of house property insurance is basically facilitate the property owners who rented their property which includes 17 different perils. This type of policy covers the liability but not the house itself. Policy # 5: The fifth type of house property insurance basically includes all losses other than those reasons are earth quake, floods etc. This policy of rental property insurance covers the residential rental property loss or damage caused due to the fire. This policy of rental property insurance protects from the direct physical loss or damage of residential rental properties and the additional structure associated with it. The policy of AAA insurance compensates 10% of the total cost of reconstruction or repairing. Moreover, residential investment property insurance offers complete protection of proprietor from the expenses on repairs caused due to the perils like, earthquakes or fire. With the structure of the house, investment property insurance also offers liable cover to the additional structures and content of the home.