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. 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. In lack of business property insurance, you may face problems in running business properly. The two important aspects of the business are equipments relevant to the business and business structure. These two aspects are covered by the policy of business property insurance. A policy of business property insurance insures these two aspects and protects it from the damages. Property insurance gives liable coverage to the office building structure and everything that is considered as the clause "insurable interest" for small businesses. Insurable interest for a home owner is their home, and it is covered by the property insurance. Property insurance pays compensation on rebuilding or repair of a house, if it is damaged due to the vandalism, freezing, and wind damage. Citizen property insurance provides the protection to citizens from certain loss of their property. In addition, it covers the damage of property due to the natural catastrophes such as, earthquakes, hurricanes, fire, etc. Furthermore, citizen property insurance has a "loss" clause, which provides liable coverage to the crime or theft of property. By discussing the facts and figures with licensed Property insurance for New York broker or agent will guide you towards the best options. Which would help you to select the best and the most suitable plan for your insurance. Recommended converge of Property insurance for New York Running your own business or having own home have different requirements and this will define your requirement, effects and perils regarding Property insurance for New York.