A hazard insurance policy is more often referred to as homeowner's policy or
property insurance policy. The term 'hazard insurance' was commonly used to describe the coverages provided in the policy, in bygone days.
Today, we most often hear of the coverages as those under a homeowner's policy. Less frequently but fairly often, you may hear of 'property insurance'. However, the policy covers more than just property so this term really doesn't properly describe the policy.
However, all three terms really mean the same thing.
The homeowner policy provides reimbursement to the policyholder for damages from many natural perils, like fire, wind, and theft. It also provides some liability related coverages.
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property insurance policy. The term 'hazard insurance' was commonly used to describe the coverages provided in the policy, in bygone days.
Today, we most often hear of the coverages as those under a homeowner's policy. Less frequently but fairly often, you may hear of 'property insurance'. However, the policy covers more than just property so this term really doesn't properly describe the policy.
However, all three terms really mean the same thing.
The homeowner policy provides reimbursement to the policyholder for damages from many natural perils, like fire, wind, and theft. It also provides some liability related coverages.