What Is Hazard Insurance?
If you feel like you hear a lot of confusing terms as you search for a new home, you’re not alone. In fact, one topic many new home buyers struggle with is the difference between hazard insurance and home insurance. So, what is hazard insurance on a home? Hazard insurance generally refers to coverage for the structure of your home only. Other coverages within a standard seguro de viviendas
policy will help pay for different kinds of damage. Hazard insurance also doesn’t help pay for injuries that happen to you or your guests after an accident.
The reason hazard insurance is a common term is actually because of lenders. Your mortgage lender may require hazard insurance at minimum before they will issue you a loan, because that is the only portion of the homeowners insurance policy directly related to the structure of your house itself. This may create the misconception that you can buy hazard coverage separately from homeowners insurance, which is not accurate. If your lender has specified that you need hazard or dwelling coverage, just know that generally buying a homeowners policy will satisfy their requirements.
For example, homeowners insurance protects you in the event that a fire damages your home. Let’s say it causes $5,000 worth of damage. In this case, if you have a $1,000 deductible, your homeowners/hazard coverage would pay the other $4,000.
What Does a Hazard Insurance Policy Cover?
Hazard insurance can also help cover risks like:
As a homeowner, you might think this won’t happen to you. But according to the Insurance Information Institute, property damage represented over 97% of homeowners claims in 2020.2
What Is Not Covered Under Home Hazard Insurance?
Hazard insurance doesn’t cover damages caused by floods. You’ll need to purchase a separate insurance policy to stay protected in these situations. Hazard insurance also does not protect against earthquakes, but you can add coverage as an optional endorsement to your homeowners insurance policy.
What Coverages Protect Against Hazards?
In general, there are three types of homeowners insurance coverages that help protect your home’s structure and personal belongings from covered hazards. These coverages, which are all part of a basic home insurance policy, include:
La cobertura de vivienda
is a standard part of your homeowners insurance policy. It helps protect your home and its attached structures from hazards like fire, lightning and vandalism. You can use this coverage to help pay for repair or replacement costs after a covered loss occurs.
Cobertura para otras estructuras
If you have structures that aren’t attached directly to your home, like a shed or detached garage, la cobertura para otras estructuras
can help you stay protected. This coverage helps pay for damages to these detached structures.
Cobertura de propiedad personal
La cobertura de propiedad personal
helps cover your personal belongings. With this coverage, personal property like your furniture, clothing and housewares are protected against damage from a covered loss.
Is Hazard Insurance the Same as Homeowners Insurance?
Your hazard/homeowners coverages are bundled for a reason. They work together to protect you. This means that if your house’s structure gets damaged, your home insurance will help cover the cost for repairs. It’ll also help pay your temporary additional living expenses if you need to stay in a hotel.
With home hazard insurance coverage included in your home policy, you’ll have protection to help cover damage caused by:
- A tree falling and destroying part of your roof
- Your basement getting water damage from burst pipes
- Lightning burning the siding on your home
Some other coverages you can add to your homeowners policy are:
Also keep in mind that hazard insurance, which is your standard home coverage, doesn’t pay for damages from flooding. Instead, you’ll need a separate seguro contra inundaciones
How Much Does Home Hazard Insurance Cost?
How much you pay for homeowners insurance premiums depends on a variety of factors, including your:
- Home’s value
- Policy limits
- Monto deducible
We also recommend that you insure your home for 100% of its replacement cost
That way, if you need to rebuild it, your insurance can help cover all construction expenses.
Find the right coverage for your home by calling The Hartford’s representatives at 877-422-2345
. The Hartford offers the only home insurance program endorsed by AARP and with our flexible options, savings and expert service, you’ll know that your home is getting the best protection possible.
Additional Home Insurance Programs From The Hartford
We offer three other types of home insurance coverages:
- Seguro para arrendatarios to protect your possessions and valuables in a property that you lease.
- Condo insurance, which provides customizable levels of protection for your condominium at a rate that fits your budget.
- Umbrella insurance, which offers additional liability coverage if the cost of a covered loss is higher than the limits of your standard coverages. (Availability varies by state.)
The Hartford specialists are here to help you get the coverage you need. To learn more about the benefits and discounts available to you, call 877-422-2345
and get a quote.
Última actualización: 22 de junio de 2023
2 Insurance Information Institute (III), “Facts + Statistics: Homeowners and renters insurance”
Los resúmenes de las coberturas y las características de las pólizas son únicamente para fines informativos. En caso de que se produzca una pérdida, los términos y condiciones reales establecidos en su póliza determinarán su cobertura.
Divulgaciones adicionales a continuación.