What Is Hazard Insurance Vs Homeowners Insurance?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! Homeowners insurance typically covers the home, as well as the contents, and your liability for accidents on your property. Hazard insurance only covers the home itself, and not the contents. Let's say that you had purchased a lot, and were building a home on it. Hazard policies would cover the replacement of the home-in-progress, should it be damaged or destroyed in a fire or natural disaster. Many landlords will use this type of policy, and it is also often bundled into a homeowners policy. A word of warning - look specifically to see if damage from flooding is excluded, especially if your home is in a floodplain, or prone to flooding. Thanks for asking!Answered on April 25, 2014flag this answer
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