Hazard Insurance in Washington State – What you need to know.
Hazard insurance in Washington State is typically another term for your homeowners insurance coverage and protects your property against damage caused by fires, storms, earthquakes or other natural events such as floods. It is important to understand that your homeowners insurance, or hazard insurance, does not automatically cover your these losses. Your hazard insurance in Washington must have the specific event covered within the policy. As long as your purchase earthquake insurance for instance, you’ll receive compensation for the loss for an earthquake.
A typical property or homeowners’ insurance policy usually won’t cover all events that cause damage to your property. Some events will definitely be excluded from homeowners’ insurance in high-risk areas such as hurricane insurance coverage in Florida. Because this area is highly prone to hurricanes, it is likely that your insurance coverage will exclude hurricanes from the coverage. In Washington, we may see that flood insurance is excluded and you’re required to purchase a separate insurance policy for flood insurance.
Many banks or mortgage applications call homeowners insurance hazard insurance. Questions about hazard insurance in Washington are common. Call our licensed insurance agency in Shoreline, WA and ask to speak to an agent about hazard insurance, commonly known as homeowners insurance coverage.