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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

hazard insurance

A form of property insurance that protects against physical damage to property,such as by fire or tornado.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
That's when road hazard insurance makes the most sense.
If the hazard insurance tracking functions become overwhelming or the potential for an uninsured loss becomes unacceptable, lenders can outsource these functions to third-party vendors.
Typical affirmative loan covenants include the requirement to maintain various kinds of hazard insurance such as property and general liability and to maintain "key man" life insurance on certain managers.
In four countries with government insurance approaches, property insurance policies include natural hazard insurance coverage at a fixed premium, and three of these countries have a government guarantee.
This bill revises and clarifies various insurance requirements for condominiums, maintaining the current requirement for adequate insurance but using the term "adequate hazard insurance" to specify the type of insurance that is required, and keeping the current provision that permits 3 or more communities to obtain insurance for an amount equal to the probable maximum loss for a 250-year windstorm event.
The scrutiny of Stockport's compensation cases, done by the best value review panel into trip hazard insurance claims, has made council's across the country compare their own figures.
At closing, the title company calculates the amount of money to be set aside for property taxes, hazard insurance, mortgage insurance, and any other assessments required in the loan agreement.
In addition, while FAR 28.309(b) prescribes inclusion of the Workers' Compensation and War Hazard Insurance Overseas clause at FAR 52.228-4 when the Secretary of Labor has waived the applicability of the Defense Base Act, such waivers are granted only for foreign nationals hired outside of the United States.
The bill would have created a national toxic mold hazard insurance program, similar to the federal flood insurance program, in order to address the growing number of claims against policies for costs related to mold dean-up and health hazards.
The court later included whether, and the extent to which, the purchaser has control over the property(28) and whether the transaction involved arm's-length dealing.(29) Passage of legal title is normally viewed as the most important factor,(30) although the failure to observe simple formalities normally associated with ownership (such as obtaining title and hazard insurance in the accommodator's name) may raise questions as to legal ownership.
It means something quite different on the hazard insurance side.
(12.) The claim amount on a defaulted loan generally includes the outstanding balance on the loan, delinquent interest payments, expenses incurred during foreclosure, costs to maintain the property, and advances the lender made to pay taxes and hazard insurance on the property.

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