What is hazard insurance?
Pretty interchangeably, you’ll see this insurance referred to as “homeowner’s” “hazard” or “fire” insurance. All refer to exactly the same thing. Most loans require that you cover 100% of the cost to reconstruct your home or at least the loan balance with no more than a 5% deductible, but different loan loans carry different insurance requirements. You can get more detail on this in this pdf.
In addition to our glossary, we have a library of downloadable PDFs that cover hazard insurance, mortgage insurance, and other mortgage fundamentals.
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