One million families or individuals become homeowners each year with the help of private mortgage insurance.

Most of these policies are terminated once the borrower pays a fair amount of equity. However, if you have never requested the cancellation of your private mortgage insurance, if you have not even thought to request cancellation, or if you have been paying it so long that you don't remember what it's for, then familiarity with the Homeowners Protection Act may save you money every month.

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