Home Hazard Insurance

What is Hazard Insurance?

Investopedia has a good definition of Home Hazard Insurance:

Hazard Insurance
Hazard Insurance - Insurance that protects a property owner against damage caused by fires, severe storms, earthquakes or other natural events

Hazard Insurance Protection: Can my Borrower forget to renew the Hazard Insurance?

Lenders and Insurance agencies have gotten screwed in the past because their borrowers have let their Hazard insurance lapse on their property.  Here is a company that can help protect against that kind of problem

Loan Protector
Loan Protector is a proven hazard insurance program designed specifically for mortgage lenders and servicers.

Are you Escrowing your Hazard Insurance?

The Better Business Bureau explains:

"While not required by all mortgage companies, an escrow account is how the mortgage company can make you put enough money aside to pay your annual property tax and hazard insurance."

Not all mortgage contracts require an ecrow account to pay for Hazard Insurance.  You should be able to negotiate with your mortgage lender to pay your own property taxes and hazard insurance.