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Do I need hazard insurance and home insurance?
I’m a first-time homebuyer, and since this is easily the largest purchase I’ve ever made, I want to make sure that my investment is protected. Do I need hazard insurance and home insurance?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the purchase of your new home! Hazard insurance is part of a home insurance policy—so you do not need to purchase a separate plan. Your typical home insurance policy will cover structural damage from severe weather events and other hazards.
People often think that hazard insurance is separate from home insurance because mortgage lenders commonly refer to the hazard insurance section as its own entity. Like you, lenders are concerned with protecting their investment, but this only extends to what hazard insurance covers: the home’s structure, roof, and foundation.
Home insurance policies usually cover personal property, personal liability, and even living expenses if you can’t live on your property during a repair. If your lender requires home insurance, the level of coverage beyond dwelling coverage is entirely up to you.
There are several categories covered by home hazard insurance:
- Wind and hailstorm damage
- Fire, smoke, and explosions
- Theft, vandalism, and riots
- Water damage from burst pipes
- Damage caused by heavy snow and ice
However, this coverage depends on the cause of the damage. There are
16 named perils
, which are the common disasters typically covered by insurance policies. This includes everything from fires to theft and riots, but it does not include damage from floods or earthquakes. If you need coverage beyond what your home insurance policy includes, it’s easy to switch companies with
Jerry
. Choose from competitive quotes from top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one. No long forms. No calling around. No hard work. Just savings.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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