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what is hazard insurance
What is hazard insurance - when referred to by insurers takes on a more specific meaning, by referring to specific events or natural hazards, a number of which are not covered under a standard or even special form home-owners (HOI) policy.
Home hazard insurance strictly speaking, refers to policies that can be or must be purchased separately. The simplest example is flood protection policies.
Standard home-owner ("hazard insurance") polices do not provide cover for natural flooding. If you live in a high risk zone you must purchase a separate flood hazard insurance policy, as a mandatory condition of any federally regulated property loan.
There are several types of separate hazard insurance policies, including flood, earthquake, hurricane, windstorm, fire and vandalism. For any such policy, the hazard insurance premium is stand-alone and the same methods or techniques for lowering the cost of a hazard insurance premium as those used for HOI may be applied. So, in areas not considered high risk for natural disasters, hazard insurance may thus be regarded as synonymous with HOI, although hazard insurance can be obtained for problems not covered under HOI. By another definition, hazard insurance is distinct from HOI, since the latter is a packaged policy including personal liability and medical coverages, whereas hazard insurance is concerned only with the property and contents. Hazard insurance quotes may be obtained from the same list of companies offering HOI in your area. Lower any hazard insurance premium and get the best quote by shopping around and accepting a higher deductible where possible. You may find separate articles on hazard insurance for flooding and earthquake. Find approved companies who may offer separate and individual policies and get hazard insurance quotes to compliment your HOI today.