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what is hazard insurance

Hazard insurance is a type of insurance that provides protection against damage to a property from specific hazards or risks. It is typically included as part of a homeowner’s insurance policy and covers risks such as fire, wind, hail, and lightning.

Hazard insurance is an important type of coverage for homeowners, as it can help to protect against the financial impact of damages to a home caused by covered hazards. It is typically required by lenders as a condition of providing a mortgage, as the lender wants to ensure that the property they are financing is protected against potential damages.

In addition to covering damages to the physical structure of the home, hazard insurance may also provide coverage for personal property, such as furniture and appliances, and may include liability coverage for injuries that occur on the property. It is important to carefully review the terms of a hazard insurance policy to understand the types of hazards that are covered and the limits of the coverage.