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What is monthly hazard insurance?

  • September 06 2010 - Los Angeles
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Answers (4)

If you are currently renting, you probably have Renters Insurance to cover your possessions. Homeowners Insurance does the same, plus insures the property for hazards. You may choose only the hazards the lender requires to be covered if you wish. .... Happy funding, Rudi
  • September 08 2010
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It usually refers to fire insurance.  This is always required by Lenders when obtaining a loan on a property.  Insurance on other hazards may sometimes be required as well, depending on certain circumstances.  For example, some areas may require flood insurance.  A lender on an income property may require rental loss insurance.
  • September 07 2010
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Good thing to know:

What is covered?

- Dwellings and other structures on your property
- Personal property
- Personal liability

What is not covered?

- Earthquake insurance
Flood insurance
- Personal valuables beyond your coverage limits

  • September 06 2010
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Same as home owner's insurance. Lenders call it "hazard insurance" because the only thing you are required to insure is the structure itself.  You more than likely want to cover your contents and belongings as well though - hence the "homeowner's insurance."
  • September 06 2010
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