HOMEOWNERS & HAZARD INSURANCE
If you have ever purchased a home, or are looking to do so in the near future, you will need to shop for homeowners insurance. While this can seem like a daunting task, it doesn't have to be - ONIT Insurance Group can do the shopping for you! With our vendor agnostic approach, we present every option available and let you choose what coverage best suits your needs.
Having a good homeowners insurance policy helps you rebuild and move forward if tragedy strikes. One crucial aspect of any homeowners insurance policy is hazard insurance. This keeps you protected financially in the event that your house sustains structural damage.
A homeowners insurance policy typically includes coverage for replacing personal items, paying resulting medical bills and other liability coverages. This is basic coverage, minus everything hazard insurance covers. It’s important to remember that your homeowners insurance policy can be a broad-reaching contract that most often incorporates hazard insurance into the policy.
Hazard insurance covers factors that may contribute to the structure of your home, and it’s generally required by mortgage lenders before approving your home loan. Also referred to as perils, hazards may include damages incurred by fire, wind, water, falling objects, vandalism and more.
Hazard insurance typically applies to instances where the structure of your home is damaged, rather than covering personal items inside the home. Hazard insurance helps cover the costs of repairing or rebuilding the structure of your home.
WHERE THEY DIFFER
Though it may sound like something completely separate, hazard insurance is typically one component included within a more broad homeowners insurance policy. Some geographic regions more prone to natural disasters may allow for supplemental hazard insurance options for extra protection, at least some degree of hazard coverage can be found in most homeowners insurance policies.
COST FOR ADDING HAZARD INSURANCE
Hazard insurance makes up just a small portion of your homeowners insurance policy. You can expect to pay between .25% and .33% of your home’s purchase price for hazard insurance over a twelve-month period. Higher-end policies cover open perils, while less expensive policies may be limited to 10 or 16 named perils. Costs also vary depending on the area in which you live, since some regions are more likely to experience certain types of extreme weather and natural disasters.
TYPES OF COVERAGE
Hazard insurance is just one segment of your homeowners insurance policy, but it is nonetheless vital for protecting your home from the costs of structural damage. Though hazard insurance is in no way a substitute for homeowners insurance, it does cover a range of perils that can cause damage to your home itself.
WHAT SOLUTION IS RIGHT FOR YOU?
Connect with ONIT Insurance Group to learn more about what coverage works best for your home.
Get the coverage you want at a price you can afford. Call today: 469-498-0152