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Lenders require that a borrower obtains Hazard Insurance for every home they finance to protect the repayment of the loan should the property be destroyed. The Hazard Insurance can be Fire, Flood, and/or other types of insurance depending on the location of the property. Hazard Insurance, like auto insurance, is usually paid to the insurance company annually in advance. Often times the premium is included in the monthly house payment to spread out the premium on a monthly basis. |
