{"id":3363,"date":"2015-08-04T16:38:18","date_gmt":"2015-08-04T22:38:18","guid":{"rendered":"http:\/\/www.noyeshallallen.com\/?p=3363"},"modified":"2019-03-27T13:15:27","modified_gmt":"2019-03-27T19:15:27","slug":"what-is-hazard-insurance-maine-home-insurance-explained","status":"publish","type":"post","link":"https:\/\/www.noyeshallallen.com\/blog\/what-is-hazard-insurance-maine-home-insurance-explained\/","title":{"rendered":"What is Hazard Insurance? Maine Home Insurance Explained"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Whether&nbsp;you&#8217;re buying a home in Falmouth,&nbsp;a condo in Portland or income property in Scarborough, if you&#8217;re borrowing money, your lender will ask for proof of &#8220;hazard insurance&#8221;.<\/p>\n<h2><strong>What is Hazard Insurance?<\/strong><\/h2>\n<p>Hazard insurance is just the bank&#8217;s&nbsp;term for property insurance. The bank&nbsp;wants to make sure that if a disaster strikes, they will be protected at least up to the amount of your loan. Typical types of <a title=\"Greater Portland Maine Homeowners &amp; Hazard Insurance | Noyes Hall &amp; Allen\" href=\"http:\/\/www.noyeshallallen.com\/personal-insurance-landing\/homeowners-insurance\/\">hazard insurance in Maine<\/a> include:<\/p>\n<ul>\n<li>Homeowners insurance (sometimes called an HO-3 or HO-5);<\/li>\n<li>Condominium Unit Owners Insurance (aka HO-6);<\/li>\n<li>Renters insurance (HO-4);<\/li>\n<li><a title=\"What is Dwelling Fire Insurance? | Noyes Hall &amp; Allen Insurance | South Portland Maine\" href=\"http:\/\/www.noyeshallallen.com\/what-is-dwelling-fire-insurance\/\">Dwelling Fire policy<\/a> (often used for rental property or camps).<\/li>\n<\/ul>\n<h2><strong>How Much Hazard Insurance Do I Need on My Home?<\/strong><\/h2>\n<p>The bank would prefer to have 100% of your loan protected by property insurance. Sometimes, that&#8217;s too much insurance. After all, your insurance will only pay to rebuild your home. Insurance doesn&#8217;t cover items such as land, site work, landscaping or other items that are included in the purchase price. Your <a href=\"https:\/\/www.noyeshallallen.com\/maine-home-insurance.html\" target=\"_blank\" rel=\"noopener noreferrer\">Maine homeowners insurance agent<\/a> should help you<\/p>\n<ul>\n<li>estimate the cost to rebuild your home;<\/li>\n<li>provide cost estimates based upon the coverage you need;<\/li>\n<li>provide proof of insurance that will satisfy the bank.<\/li>\n<\/ul>\n<p>A good insurance agent can help you avoid buying too much &#8211; or too little &#8211; insurance.<\/p>\n<p>If you have questions about Maine investment property insurance, or protecting your home, camp or condo, <a href=\"https:\/\/www.noyeshallallen.com\/contact-us.html\" target=\"_blank\" rel=\"noopener noreferrer\">contact a Noyes Hall &amp; Allen agent<\/a> at 207.799.5541 today. We offer a choice of many of&nbsp; Maine&#8217;s preferred property insurance companies, so we can do your shopping for you.&nbsp;As we like to say: &#8220;we&#8217;re independent and committed to you.&#8221;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Whether&nbsp;you&#8217;re buying a home in Falmouth,&nbsp;a condo in Portland or income property in Scarborough, if you&#8217;re borrowing money, your lender will ask for proof of &#8220;hazard insurance&#8221;. What is Hazard Insurance? Hazard insurance is just the bank&#8217;s&nbsp;term for property insurance. The bank&nbsp;wants to make sure that if a disaster strikes, they will be protected [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,12,13,15],"tags":[51,44,64,62,63,25,27],"class_list":["post-3363","post","type-post","status-publish","format-standard","hentry","category-business-property-insurance-business-insurance","category-condo-insurance","category-homeowners-insurance","category-renters-insurance","tag-condos","tag-home-buying","tag-insurance-agent","tag-maine","tag-portland","tag-property-insurance","tag-rental-property"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/posts\/3363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/comments?post=3363"}],"version-history":[{"count":3,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/posts\/3363\/revisions"}],"predecessor-version":[{"id":5491,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/posts\/3363\/revisions\/5491"}],"wp:attachment":[{"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/media?parent=3363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/categories?post=3363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/tags?post=3363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}