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. Mortgage insurance can refer to private mortgage insurance (PMI), mortgage life insurance, or mortgage title insurance. How does citizen property insurance organizations are regulated? There are various government agencies that handle the operation of citizen property insurance company. In the USA, individual states have the primary rights to regulate the operation of citizen property insurance organizations. The name of these government agencies varies in each state. Business Property Insurance Setting up a new business is a tough task and requires proper skills. There are so many things which should be kept in mind before stepping into the business. Such things may seem mind-numbing, but apart from this business property insurance is a major thing, which should be considered first. A Seven-member of Board of Governors is the responsible panel who regulate Florida Citizens Property Insurance Corporation, and its operations in the state. These governors have the responsibilities to ensure that the business of Florida Citizens Property Insurance Corporation runs smoothly. State Treasurer appoints these governors for the period of three years. Living in high-risks areas like near floods, old home or Beachfront Island have greater risks in those areas. In 2002, Legislature created a state-run company for Florida property insurance named as Citizens. Citizens offer property insurance to fund those householders who live in high-risk regions and can not afford private insurance companies. And in some cases landowner can be sued by the third party in claim of the property, so if the owner has the property insurance then all the expenses that he spent on the legal proceedings can be recovered. Selection of property insurance by landowners: In case of natural disasters property insurance becomes the lender of last resort for the landowner because all other options look like end.