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hazard insurance |
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Hazard Insurance A property insurance policy that provides coverage for catastrophic events named in the policy. For example, hazard may cover hurricanes and fires, but not tornadoes. Hazard insurance may not cover even the most common events, especially in high-risk areas. For this reason, some property owners buy named perils policies to supplement hazard insurance. hazard insurance A form of property insurance that protects against physical damage to property,such as by fire or tornado. Hazard Insurance Insurance purchased by the borrower and required by the lender, to protect the property against loss from fire and other hazards. Hazard insurance is also known as “homeowner insurance,” and is the second “I” in PITI. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| And, regardless of a borrower's credit history, the almost one-quarter of American families who get subprime loans find them crammed with other high-risk terms such as prepayment penalties, limited income documentation, and no escrow for property taxes and hazard insurance. 309(b) prescribes inclusion of the Workers' Compensation and War Hazard Insurance Overseas clause at FAR 52. ``I didn't hear any smoke alarms,'' said Garcia, who also works in the hazard insurance business. |
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