Hazard Insurance vs. Homeowners Insurance

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What Is the Difference Between Hazard Insurance and Homeowners Insurance?

If you feel like you hear a lot of confusing terms as you search for a new home, you’re not alone. In fact, one topic many new home buyers struggle with is the difference between hazard insurance and homeowners insurance.
 

What Is Hazard Insurance?

Hazard Insurance vs Homeowners Insurance So what is hazard insurance on a home? Hazard insurance generally refers to coverage for the structure of your home only. Other coverages within your homeowners insurance policy will help pay for different kinds of damage. Hazard insurance also doesn’t help pay for injuries that happen to you or your guests after an accident.
 
The reason hazard insurance is a common term is actually because of lenders. Your mortgage provider may require hazard insurance at minimum before they will issue you a loan, because that is the only portion of the homeowners insurance policy directly related to the structure of your house itself. This may create the misconception that you can buy hazard coverage separately from homeowners insurance, which is not accurate. If your lender has specified that you need hazard or dwelling coverage, just know that generally buying a homeowners policy will satisfy their requirements.
 
So if a fire destroys your home causing $5,000 worth of damage and you have a $1,000 deductible, your homeowners/hazard coverage would pay the other $4,000.
 
Hazard insurance can also help cover risks like:
 
  • Hail
  • Theft
  • Vandalism
  • Explosions
As a homeowner, you might think this won’t happen to you. But according to the Insurance Information Institute, property damage represented over 91% of homeowners claims in 2017.2
 
To get the insurance you need, speak with our representatives at 888-413-8970. We offer customizable dwelling coverage and personal property coverage with the AARP® Homeowners Insurance Program from The Hartford.1
 

Hazard Insurance vs. Home Insurance

What Is the Difference Between Hazard Insurance and Homeowners Insurance Your hazard/homeowners coverages are bundled for a reason. They work together to protect you. This means that if your house’s structure gets damaged, your home insurance will help pay for repairs. It’ll also help pay your temporary additional living expenses if you need to stay in a hotel. 
 
With home hazard insurance coverage included in your home policy, you’ll have protection from damages caused by:
 
  • A tree falling and destroying part of your roof
  • Your basement getting water damage from burst pipes
  • Lightening burning the siding on your home
Some other coverages you can bundle with your homeowners policy are:
 
Also keep in mind that hazard insurance, which is your standard home coverage, doesn’t pay for damages from flooding. Instead, you’ll need a separate flood insurance policy.
 

How Much Does Hazard Insurance Cost?

How much you pay for homeowners insurance premiums depends on a variety of factors, including your:
 
  • Home’s value
  • Policy limits
  • Deductible amount
What Is Hazard Insurance We also recommend that you insure your home for 100% of its replacement cost. That way, if you need to rebuild it, your insurance can help cover all construction expenses.
 
Find the right coverage for your home by calling our representatives at 888-413-8970. We’re the only home insurance company endorsed by AARP and with our flexible options, savings and expert service, you’ll know that your home is getting the best protection possible.
 
To learn more and find out what you can expect to pay, get a homeowners insurance quote online or contact a private insurance agent.
 

Additional Home & Auto Insurance Programs From The Hartford

In addition to the AARP Homeowner’s Insurance Program from The Hartford, we offer four other auto and home insurance coverages:
 
  • Renters insurance to protect your possessions and valuables in a property that you lease.
  • Condo insurance, which provides customizable levels of protection for your condominium at a rate that fits your budget.
  • Flood insurance to protect your home against damage caused by flooding. Keep in mind that this is an optional insurance coverage.
  • Umbrella insurance if the cost of a covered loss is higher than the limits of your standard coverages.
 
 
Summaries of coverages and policy features are for informational purposes only. In the event of loss, the actual terms and conditions set forth in your policy will determine your coverage.
 
Additional disclosures below.
Summaries of coverages and policy features are for informational purposes only. In the event of loss, the actual terms and conditions set forth in your policy will determine your coverage.

AARP and its affiliates are not insurers. Paid endorsement. The Hartford pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. AARP membership is required for Program eligibility in most states.

The AARP Automobile Insurance Program from The Hartford is underwritten by Hartford Fire Insurance Company and its affiliates, One Hartford Plaza, Hartford, CT 06155. It is underwritten in AZ by Hartford Insurance Company of the Southeast; in CA by Hartford Underwriters Insurance Company; in WA, by Hartford Casualty Insurance Company; in MN, by Sentinel Insurance Company; and in MA, MI and PA, by Trumbull Insurance Company. The AARP Homeowners Insurance Program from The Hartford is underwritten by Hartford Fire Insurance Company and its affiliates, One Hartford Plaza, Hartford, CT 06155. It is underwritten in AZ by Hartford Insurance Company of the Southeast; in CA by Property and Casualty Insurance Company of Hartford; in WA, MI and MN, by Trumbull Insurance Company; in MA, by Trumbull Insurance Company, Sentinel Insurance Company, Hartford Insurance Company of the Midwest, and Hartford Accident and Indemnity Company; and in PA, by Hartford Underwriters Insurance Company. Not available in all states, including FL. Specific features, credits and discounts may vary and may not be available in all states in accordance with state filings and applicable law. Applicants are individually underwritten and some may not qualify. The Program is currently unavailable in Canada and U.S. Territories or possessions.

1 In Texas, the Auto Program is underwritten by GEICO Texas County Mutual Insurance Company through Hartford Fire General Agency. Hartford Fire Insurance Company and its affiliates are not financially responsible for insurance products underwritten and issued by GEICO Texas County Mutual Insurance Company. The Home Program is underwritten by Trumbull Insurance Company. Effective 10/16/21, the Auto Program is underwritten by Trumbull Insurance Company.

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