Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Oct 20, 2021

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Mortgage insurance, also known as private mortgage insurance or PMI, is a type of insurance that is required on all residential mortgages with a loan-to-value above 80%.

Mortgage insurance protects the lender in cases where homeowners default – it does not protect the homeowner if they start missing monthly payments on their mortgage! Just as consumers need protection, homeowners insurance companies do as well, to avoid damage being done to their assets. When a homeowner skips out on their mortgage balance, it puts the lender over the coals.

This is why this type of mortgage insurance exists. Today, we’re introducing you to some of the top mortgage insurance companies who provide dwelling coverage service. Keep with us to learn more.

What are the top mortgage companies?

Last year, MGIC Investment Corp. was the top mortgage insurance company in the United States, with $1.32 billion in direct insurance premium written, per the III.

The Milwaukee-based insurance company claimed a healthy 24.2% of total market share and nearly doubled the volume of the second largest mortgage insurer.

Speaking of, PMI Group Inc., the second largest mortgage insurer, wrote $839 million in premium and grabbed 15.4% of market share.

Now infamous American International Group (AIG) was a close third with $816 million in insurance written, claiming 15% of market share.

top mortgage insurance companies

Radian Group and Genworth Financial rounded out the top five with totals not far off that of PMI Group and AIG.

Then things dropped off considerably, with the tenth mortgage insurer on the list writing a piddly $3,000 in business.

Read more: Is homeowners insurance included in the mortgage?

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Why mortgage insurance?

Remember, mortgage insurance is required on all residential mortgages with a loan-to-value above 80%.

In other words, if you put down less than 20% or have less than 20% equity in your home when you refinance, your bank or lender will require you to take out mortgage insurance.

This is great for lenders, in the instance that homeowners default, especially on high-value homes. But it’s a costly investment for homeowners. However, from the lenders point of view, theses types of coverage can be incredibly helpful. If you still have questions, or you’re wondering whether you’re paying for it on your homeowners policy, you can always speak to your insurance agent about it.

Even though this may not fall into the common types of coverage searched for, it is still a necessity. If you’re needing to look into these coverage options, there are many mortgage insurers out there. You don’t necessarily have to focus on the top companies, though they do tend to have reputation on their side. What you could do is look for tools or speak with an agent for comparative purposes, ensuring you’ll make your decisions with confidence and find the best, most affordable rates.