Hazard insurance is a common term often used to describe the risks to your home and property that are covered by your homeowners’ insurance policy. Typically covered hazards include damage to your property, home or personal property caused by fire, smoke, vandalism, theft, and other hazards.
I Have Homeowners Insurance. Do I Need Hazard Insurance, too?
According to the Consumer Financial Protection Bureau (CFPB), Homeowners insurance is often referred to as "hazard insurance.” Your standard homeowners’ insurance policy typically protects you from specific covered perils and events. While you aren’t required to carry homeowners/hazard insurance if you own your home, it is the best way to protect your property and assets, and most lenders require proof of homeowners insurance coverage if you have a mortgage.
What Does Hazard Insurance Cover?
Your 1 Source Insurance homeowners insurance policy provides protection against three different types of covered hazards: damage to or loss of your dwelling, personal property, and other structures. This insurance coverage can help pay for covered damage to your home, personal property, or other structures from hazards such as fire, smoke, hail, wind, vandalism, theft, snow damage to your roof, indoor water leaks, power surges, falling objects, and even civil unrest or riots. However, not every hazard is covered in a typical Atlanta, GA homeowners insurance policy. For example, earthquakes and floods are not covered and require a separate policy for coverage. Read your homeowners’ insurance policy or call your agent to determine what risks or hazards are covered by your specific policy.
For more information about finding a hazard insurance plan that’s tailored to your unique needs in the Atlanta, GA area, give the insurance experts at 1 Source Insurance a call today. Our helpful agents can answer any of your insurance questions and ensure you get the coverage you need!