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Hazard Insurance

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Hazard Insurance
Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards.
    
Insurance protecting a property owner against damages caused by fires or severe storms.
    
If the owner lives in an area that is prone to natural disasters, like earthquakes and floods, he or she may need a separate policy. Hazard Insurance 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. Typically, the property owner Will be required to pay for a year's worth of premiums at the time of closing, but this Will depend on the exact details of the policy.
    
A typical property or homeowners' insurance policy usually won't cover all events that could do damage to your property. Some events Will definitely be excluded from homeowners' insurance in High-Risk areas. For example, Florida is prone to hurricanes and is, therefore, considered High Risk. If the homeowner lives in a High-Risk area, he or she may need a separate policy - such as a flood insurance policy.
Posted by  Convention of Independent Financial Advisors CIFA
 
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