If you’ve been through the Central New York homebuying market, you’ve probably heard the term “hazard insurance” used to describe a necessary policy component. Some mistake hazard insurance as a separate and distinct policy from homeowners insurance, but it’s not. The Horan agency has worked with many homebuyers who had this coverage portion built into their homeowners policy. In this article, we’ll clear up the confusion and leave you with a better understanding of what hazard insurance is and why lenders require borrowers to purchase it. The Mortgage Loan Hazard Insurance Requirement If you walk into a bank and attempt…
Daniel J. MiddletonFebruary 1, 2023
