Homeowner hazard insurance (or Hazard Insurance) is a term commonly used by mortgage professionals and attorneys during a real estate transaction in reference to NY home insurance. Hazard insurance is an antiquated terminology that was popular about twenty year ago but not commonly used within the insurance industry today.
That doesn’t mean that as an New York insurance consumer you can’t use the term hazard insurance when referring to your NY home insurance policy.
I feel it’s important however that you understand hazard insurance is NOT a separate insurance policy that new home buyers are required to purchase in addition to a NY home insurance. So don’t fret first time home buyers, hazard insurance is not as scary as it sounds.
Watch this video “What is homeowner hazard insurance?” for more details:
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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.