Is there any difference between these two…I was looking at my home mortgage and I think I pay for hazard insurance and home insurance…I looked online and it didnt seem there isn any difference between them? Im trying to lower my mortgagae payment thats why Im asking:)
Best reply by src50:
You should have the policy. What does it say?
Read the original question here
Home insurance/ Hazard insurance?
Technically, there is. “Hazard insurance” is mortgage talk for insurance on the building, against stuff going wrong.
The CHEAPEST way to get “hazard insurance” is on a homeowners policy, which packages six different coverages together. You only NEED to buy one of them, but if you try to buy the one without the other five, it will actually cost you MORE than buying the package.