what is hazard insurance

Hazard insurance is a type of coverage that protects a property owner against damage caused by natural events such as fires, severe storms, hail, wind, snow, or rainstorms. It is usually a subsection of a general homeowners insurance policy that protects the structure of the home and other nearby structures such as a garage. Hazard insurance is not the same thing as homeowners insurance, but it is part of a homeowners insurance policy. Mortgage lenders often require homeowners to have hazard insurance to get a mortgage loan on a newly purchased home. Hazard insurance generally refers to coverage for the structure of the home only, and other coverages will cover different kinds of damage within the homeowners insurance policy. It is important to note that hazard insurance only protects the structure of the home from a disaster named in the policy, and it does not cover damages to personal property or injuries sustained on the property.