Hazard insurance is part of your home owners insurance policy. This is the portion of your plan that will take care of fire or other hazards in the event of disaster. The other portion of the plan is liability insurance. This will take care of medical expenses if someone is injured while visiting your home. It is important to have both hazard and liability insurance coverage. If your home is destroyed, you want to repair or replace it as quickly as possible.
Although you do not want to think about your home being devastated by a fire, flood or other disaster, if it does happen, your hazard insurance will cover the expense of either repairing the damage or even rebuilding your home. Homeowners insurance may not be required by law, but if you have a mortgage on your home, your lender will probably require this type of protection. Since hazards vary from state to state, you will want to look at the policy and make sure you are covered for all types of disasters that are common for you area. Some areas may require special hazard coverage for flooding or hurricanes. Make sure when you compare quotes, you understand the type of protection you need.
When speaking with an agent, you can ask "Is hazard insurance covered under my homeowners insurance policy?" This will help you determine the type of plan you need and still find a policy you can afford. The best way to make sure you have a great plan is to compare rates. Do not just choose the first quote you find, when you compare both price and coverage, you might be able to get a better deal. Knowing you have top of the line insurance coverage will ensure peace of mind.