Home Buying in Philadelphia>Question Details

Malita215, Home Buyer in Philadelphia, PA

What is "Hazard Insurance"? Is it required? Does the premium vary?

Asked by Malita215, Philadelphia, PA Mon Mar 18, 2013

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Don Sherman’s answer
Hazard insurance is just fire insurance,which is all a mortgage lender requires.For your benefit, it is a good idea to get a full homeowners policy.This covers fire, burglary, liability, water damage.Tell the insurance agent that you want a full HO3 policy.
Century21 Advantage Gold-Castor
1 vote Thank Flag Link Mon Mar 18, 2013
Good Evening Malita,

In Addition... if you are a Vet ( Active or Discharged ) you should also apply for USAA insurance or if your Parents or Grandparents served in the Armed forces.... you could be eligible for a Huge savings on you Policy premiums.

All the Best, John Curci
0 votes Thank Flag Link Fri Mar 29, 2013
Simply put hazzard insurance is your home owners insurance, and yes not only wise, but required if you are etting amortgage. my best tip is either use teh company you have your car with or shop around and place your car and home with the same company for a great discount.
0 votes Thank Flag Link Wed Mar 27, 2013
Try Capital Insurance At 718-626-6111...i had the same question like you and they got the insurance through them ....
0 votes Thank Flag Link Wed Mar 27, 2013
Yes Malita, Hazard Ins is Home Insurance, Start with you Ins Agent that has your Auto Ins... you would be eligible for a Multi-Policy Discount.

Shoot for an HO3 Policy for a residential home.... this will give you a very good policy for a more Full replacement of property claim if you ever have Damage.

All the Best, John Curci RE/MAX
0 votes Thank Flag Link Mon Mar 18, 2013
It is home owners insurance and if you have mortgage it is required. The price will vary based on the company that provides the insurance (state farm, travelers, Allstate, etc) and the amount of coverage that you have/need.
0 votes Thank Flag Link Mon Mar 18, 2013
So this has nothing to do with being in a flood zone or not? Its required no matter what?
Flag Mon Mar 18, 2013
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