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What is hazard insurance?

April 26, 2017hazard hazard insurance Insurance

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What is hazard insurance?

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Hazard insurance is an insurance policy to protect homeowners against property damage. This premium prepayment is for insurance protection for you and the lender against loss due to fire, windstorm and natural hazards. If a catastrophe does happen, hazard insurance should cover the costs to rebuild your home. Most Lenders often require you to get a policy before you buy or refinance a home and usually require you to pay the first year’s premium at settlement.

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