hazard insurance

Loans, Taxes, and Law

What Is Hazard Insurance on a Mortgage?

If you’re purchasing a new home with a mortgage loan, your lender will likely require you to have hazard insurance, also known as homeowner’s insurance. But what exactly is hazard insurance, and why is it mandatory for securing a mortgage? What Is Considered Hazard Insurance for a Mortgage? Hazard insurance specifically refers to the dwelling coverage or property coverage portion…