Question:

What is hazard insurance premium for some areas?

Answer:

Sometimes the hazard insurance premium does not coincide with the comprehensive homeowners insurance policy. Sometimes specific events that are likely to occur within the area - such as natural disasters like earthquakes, storms or flood, are omitted from the insurance.

In that case, the comprehensive insurance coverage will be referred to as homeowners insurance, and the additional hazard coverage for the any of the abovementioned events will have to be included in a separate hazard insurance premium.

There are many insurance agencies that offer separate flood or earthquake policies. The cost of the additional hazard policy will depend on the estimated probability of the specific events and the value of the real estate.

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