Posted on: 29th Jul, 2009 11:09 am
what is Hazard Insurance?
very simply, it is the insurance that a buyer/borrower will purchase on a home to cover the home against fire, theft, etc. it is a requirement of all lenders that a borrower purchase hazard insurance (it also goes by homeowner's insurance).
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lenders require full replacement cost coverage, so covering the cost of the mortgage (the loan amount) is not sufficient.
each lender has its own way of delineating what is needed, and each borrower will be advised of that during the initial phase of applying for a mortgage loan.
each lender has its own way of delineating what is needed, and each borrower will be advised of that during the initial phase of applying for a mortgage loan.
hi
Hazard insurance, also called homeowner's or property insurence provide u coverage for specific natural hazards, such as fire, wind,,and earthquake,,,any homeowners purchase a 'comprehensive' form of insurance first, which may cover almost all possible damages, but then seek additional hazard insurance for specific dangers. Those who live in flood plains may buy hazard insurance for water damage, for example califonia may add earth quake insurence and hazard insurence.....
it pays to ask insurence administrator about coverage before agreeing to the contract. Some comprehensive policies already provide coverage for certain hazards, so additional hazard insurance may not be strictly necessary. Others may not fully cover hazards specific to the area, such as damage caused by a breeched dam or vandalism during construction. Truly comprehensive home insurance should cover the liability and physical damages. Hazard insurance is usually geared towards physical damaged property rather than than owner liability for accidents on the premises.
During the closing of a property sale, the buyer is almost always required to obtain some form of hazard insurance. The terminology for this coverage may change from 'hazard insurance' to 'property insurance' to 'comprehensive homeowner's insurance', but it all means the same thing to the closing attorney and lenders buyer During the closing of a property sale, the buyer is almost always required to obtain some form of hazard insurance. The terminology for this coverage may change from 'hazard insurance' to 'property insurance' to 'comprehensive homeowner's insurance', but it all means the same thing to the closing attorney cost of the mortgage..........his will provide enough protection to restore the property if it burns to the ground the day after the sale is complete......
thats also provide u.............
Hazard insurance, also called homeowner's or property insurence provide u coverage for specific natural hazards, such as fire, wind,,and earthquake,,,any homeowners purchase a 'comprehensive' form of insurance first, which may cover almost all possible damages, but then seek additional hazard insurance for specific dangers. Those who live in flood plains may buy hazard insurance for water damage, for example califonia may add earth quake insurence and hazard insurence.....
it pays to ask insurence administrator about coverage before agreeing to the contract. Some comprehensive policies already provide coverage for certain hazards, so additional hazard insurance may not be strictly necessary. Others may not fully cover hazards specific to the area, such as damage caused by a breeched dam or vandalism during construction. Truly comprehensive home insurance should cover the liability and physical damages. Hazard insurance is usually geared towards physical damaged property rather than than owner liability for accidents on the premises.
During the closing of a property sale, the buyer is almost always required to obtain some form of hazard insurance. The terminology for this coverage may change from 'hazard insurance' to 'property insurance' to 'comprehensive homeowner's insurance', but it all means the same thing to the closing attorney and lenders buyer During the closing of a property sale, the buyer is almost always required to obtain some form of hazard insurance. The terminology for this coverage may change from 'hazard insurance' to 'property insurance' to 'comprehensive homeowner's insurance', but it all means the same thing to the closing attorney cost of the mortgage..........his will provide enough protection to restore the property if it burns to the ground the day after the sale is complete......
thats also provide u.............
For property, major hajards are fire, wind, storms.
Hazard insurance provides you insurance cover against demage caused due to above mentioned reason
Hazard insurance provides you insurance cover against demage caused due to above mentioned reason
its an Insurance that protects a property owner against damage caused by fires, severe storms, earthquakes or other natural events. As long as the specific event is covered within the policy, the property owner will receive compensation to cover the cost of any damage incurred.
this has really become tedious.