What is the hazard insurance in your mortgage payment?

Answer Hazard insurance is a policy placed on your home to protect the homeowner in the event of a catastrophic event, such as a fire or a storm.SignificanceHazard insurance pays for major expenses when a... Read More »

Top Q&A For: What is the hazard insurance in your mortgage p...

Do I have to inform my hazard insurance carrier if my mortgage is transferred to another lender?

It is the responsibility of the old mortgage company to inform the insurance company holding your hazard insurance policy that the loan has been transferred and have the insurance policy reflect th... Read More »

Is homeowners insurance part of the mortgage monthly payment?

Yes, the prorated homeowners insurance premium is usually escrowed as part of your monthly mortgage payment. Also included in the payment are the principal payment for the loan, a portion of the ac... Read More »

What is the difference between hazard&mortgage insurances?

Hazard insurance covers a property if any damage occurs from a disaster, such as a fire, tornado or storm damage. Mortgage insurance protects a lender from a borrower's default.SignificanceHazard i... Read More »

Is hazard insurance covered under most master or blanket home owners association insurance policies?

Since every owners association is different: every condominium or homeowners property is different from any other, the master insurance policy coverage is tailored to each individual property.As we... Read More »