Hazard Insurance


Also found in: Dictionary, Thesaurus, Wikipedia.

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.

References in periodicals archive ?
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.
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.
A home buyer makes a monthly house payment that includes not only principal and interest, but also taxes, hazard insurance and sometimes mortgage insurance and other assessments.
309(b) prescribes inclusion of the Workers' Compensation and War Hazard Insurance Overseas clause at FAR 52.
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.
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.
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.
To support its efforts, the institution selected IL Group to provide the company with Lender-Placed Hazard Insurance, Lender Placed Flood Insurance and Flood Determinations.
Contract notice: European tender comprehensive hazard insurance.
When a servicer brings in a partner, whether it is a technology provider or an outsourced specialty vendor to handle hazard insurance claims, it is the servicer's job to keep all parts of the claims process aligned.
A spokesperson for the bank said, 'Bank of America believes that its lender-placed hazard insurance practices comply fully with state and federal law.

Full browser ?