Hensley Insurance has provided homeowners in and around Wichita, KS with protection since 2002.
What is Hazard Insurance and How Does it Relate to Homeowner’s Insurance?
Hazards are a natural part of life, especially in Wichita, KS where Spring storms can bring large hail and wind damage. When you’re looking into getting a mortgage loan for your new home, then they’re a natural part of the process. We here at Hensley Insurance are happy to answer any questions you might have during the process of buying a new home and getting it insured – especially from first-time homebuyers.
What is hazard insurance?
If you’re already covered by homeowners insurance, then you may be wondering why you’d ever have to worry about hazard insurance. You’re partly right. Hazard insurance isn’t actually a different type of insurance. It’s just a part of a typical homeowners insurance policy, not a separate policy. It’s a term used by some organizations, especially lenders, to describe a type of risk covered by a homeowners insurance policy. Risks such as damage caused by human beings, like theft or vandalism, as well as other types of damage, like smoke, fire, and hail. If it’s any other kind of damage, then your homeowners policy itself may cover it.
Hazard insurance typically only includes the damage to your home’s structure, and not injuries that may happen due to the hazard.
This is where mortgage loans come into play. Lenders like to require proof that you have this type of coverage, and oftentimes, you’ll only be granted that loan if you have hazard insurance.
Why do lenders want you to have hazard insurance?
Lenders will want to ensure that what they’re lending money toward – in this case your home, and more specifically it’s structure – are reimbursed if anything were to happen. But of course, not all insurance policies are the same, but the friendly staff here at Hensley Insurance will help you find the perfect policy for your home.
Typically, this hazard coverage will not only protect the structure of your home, but also all of your belongings kept inside. This personal property coverage will help you to replace your belongings if they are damaged or stolen.
For more information on hazard coverage and what all might be included, don’t hesitate to contact the friendly agents here at Hensley Insurance by giving us a call at 316-721-1800, or clicking here.