You’ll be required to show your homeowners insurance has the appropriate hazard insurance to protect the property. Lenders use the term hazard insurance a lot, so you’ll probably come across it when finalizing your loan documents and closing on a house. Most homeowners policies have hazard insurance plus additional protections, like:Ĭoverage B that protects other structures on your property.Ĭoverage C for your personal property up to a certain limit.Ĭoverage D that reimburses you if you lose the use of your home in the event of serious damage.Ĭoverage E to protect you against personal liability resulting from accidents on your property, such as a dog biting a guest.Ĭoverage F to help with medical payments for people injured on your property. So technically, your dwelling coverage, also called Coverage A, is hazard insurance. The term “hazard insurance” is usually used to describe the part of your homeowners insurance that pays for structural repairs if your home is damaged by a covered peril.
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