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Is hazard insurance the same as home insurance?
I’m a new homeowner and I was told by my lender that I would have to purchase hazard insurance or home insurance. I’m a little confused because I thought home insurance already covers certain hazards. Is hazard insurance the same as home insurance?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes and no—hazard insurance is not the same as home insurance, but it is one of the components in a home insurance policy. It often covers the structure of your home against hazards like fire damage, hail, and more. However, since
homeowners insurance
is so diverse in its coverage, the terms are not interchangeable.When lenders specify hazard insurance as an option, it means that they require structural coverage, and the rest of your coverage (like personal property) is up to you.
Although hazard insurance is commonly used to describe structural coverage, it can’t be purchased separately from homeowners insurance. In other words, if you already have homeowners insurance, you have hazard insurance.
The hazard insurance portion of home insurance typically covers:
- Windstorm damage
- Fire damage
- Theft & vandalism
- Explosions
Hazard insurance typically does not cover:
- Personal property
- Damage to your yard
- Personal liability
- Living expenses
Keep in mind that you will need additional coverage for flooding and earthquakes, as these hazards are not typically covered in standard home insurance policies.
Many people think that buying the right home insurance policy is stressful and time-consuming, but it doesn’t have to be. Licensed broker
Jerry
gathers affordable quotes from top providers in seconds. Even better—Jerry will help you bundle your home and auto policies for maximum 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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