What is hazard insurance?

What even is hazard insurance?

Hazard Insurance sounds a little scary if you ask me.  What could possibly be classified as a hazard that I would need to have an entirely different policy just in case it happens.  Thankfully, it’s not scary at all and is more than likely already a policy in your name.  Put simply, hazard insurance is an extension of your homeowner’s insurance.  Hazard insurance provides coverage of specific risks such as fire, theft, vandalism, and other structural damage to your home.  If you are in possession of a mortgage, a lender will require you to show proof of your homeowner’s insurance which includes those hazards.  

There are three homeowner’s insurance policies that protect against hazards with hazard insurance.  

  • Dwelling Coverage 
    • Dwelling Coverage protects your home’s structure.  This helps to cover damages from fire or storms and can help pay for repairs.  
  • Other Structures Coverage  
    • Other Structures Coverage helps to protect against things that are separate from your home such as fences, sheds, or detached garages.  Should these be damaged by fire, theft, vandalism, or storms, Other Structures Coverage can help repair the damages.  
  • Personal Property Coverage  
    • Personal Property Coverage protects your personal belongings like electronics, clothes, and furniture.  If any of these items were to be damaged by specific hazards, Personal Property Coverage may help with the cost of replacing them.  

Although specific hazard coverages are thrown into these policies, a deductible may still be required.  These deductibles will be listed in the policies.  How much the premium on your hazard insurance overall depends on the limits your select to cover in your policies. 

Hazard Insurance typically covers  

  • Fire or smoke 
  • Wind 
  • Hail  
  • Explosions 
  • Theft 
  • Vandalism 
  • Falling objects 
  • Damage caused by snow, sleet, or ice 
  • Water damage from an appliance or burst pipe  
  • Power surges  
  • Civil unrests or riots 

 

Interested in learning more? Please email us at hello@veroinsure.com or call 773-945-6000.

Vero Insurance is a niche broker with a focus on providing insurance placement and risk management services to high-income families. Here at Vero, we love to provide you with exciting and fun articles to learn more about insurance and how it impacts your life. Visit our other blogs to find more information.

While Vero does offer a wide variety of personal insurance coverages, our main coverages include: personal umbrella insuranceauto insurance, and homeowner’s insurance. To find the best coverages for you and your family, use the contact form below so you can be at ease knowing you’re covered.