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Home Hazard Insurance?

Question by Huong | Posted in Insurance

I am putting 20% down on my new home purchase. Not having to pay PMI and waiting until the end of the year to pay property tax so I don't need an escrow. How many months of home hazard insurance am I suppose to pay in advance before closing? Is it 2 months? Is it a whole year's premium? Or does this depend on the lender?

Answer: Depends upon the lender. They want to make sure the insurance is paid. Many lenders rate quote is for a mortgage with tax and insurance impounds. If you choose to not have impounds, your rate often goes up 1/4%. Your choice.
 
 

Home Insurance/ Hazard Insurance?

Question by blondie | Posted in Insurance

Is there any difference between these two...I was looking at my home mortgage and I think I pay for hazard insurance and home insurance...I looked online and it didnt seem there isn any difference between them? Im trying to lower my mortgagae payment thats why Im asking:)

Answer: Technically, there is. "Hazard insurance" is mortgage talk for insurance on the building, against stuff going wrong.

The CHEAPEST way to get "hazard insurance" is on a homeowners policy, which packages six different coverages together. You only NEED to buy one of them, but if you try to buy the one without the other five, it will actually cost you MORE than buying the package.

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Who Has The Best Home Hazard Insurance Coverage?

Question by 09 babe | Posted in Insurance


Answer: How do you define "best"? Most coverage? Cheapest? Fewest complaints? Fastest claims service?

There's no "one size fits all" answer, and there's no short cut. To find the best for YOU, in your state, you HAVE to shop around.

Don't use those online rate comparison websites - they actually harvest your personal information, to sell as leads to HUNDREDS of agents. Your phone won't stop ringing.

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Home Hazard Insurance Vs. Home Owners Insurance?

Question by Becky | Posted in Insurance

What is the difference?

Answer: Hazard insurance only covers the home itself. It can if you ask for it cover the contents. However, you have no liability coverage on a hazard policy as you do on a homeowner's policy. THerefore if a friend is bouncing on your trampoline in your back yard and is injured, if your dog bites someone, if someone steps in a hole and breaks an ankle, etc... you have no liability coverage on a hazard policy but you do on a homeowners policy.

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Is Hazard Insurance On A Home Tax Deductible?

Question by Jay Y | Posted in United States

if yes where on the 1040 Schedule A does it get included?

Answer: No. Not unless you use your home for business

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Why is Hazard Insurance Required by the Mortgage Company? | Choose ...

by willson

When your mortgage lender tells you that they want proof of hazard insurance they’re actually in search of a home insurance coverage that can protect towards major hazards like hearth or wind. Hazard insurance is a time period used by most mortgage lenders and isn’t any completely different than homeowners insurance. The lender will require you to insure the property with what is commonly known as hazard insurance. I will explain why they require this insurance and reply widespread questions about hazard insurance....

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