Insurance: Hazard & Flood

Articles

Homeowners (Hazard) Insurance
Home insurance , also commonly called hazard insurance or homeowner’s insurance is the type of property insurance that protects homeowners against damage from fire, vandalism, wind, severe storms or other events. It is an insuran...
Flood Insurance
Federal regulations state that it is mandatory for lenders to require mortgagors to carry flood insurance if the property is located in a Special Flood Hazard Area (zones A, AE, A4,AR,AR/AE, AO, VA, V12, AH, AO as designated by the Federal governme...
Insurance Requirements for Condominium Projects, Townhouses and PUD's
Hazard Insurance The hazard insurance coverage must cover 100% replacement cost of all common elements, fixtures, machinery, equipment, supplies, improvements and alterations within the individual units The master policy must cover on...
Force Place / Lender Place Insurance
LPI is insurance coverage provided mortgage servicers to protect both the lender and homeowner in the event of lapse in insurance protection.  This insurance is placed on behalf of the lender when it has been determined that required ins...
Taxes
Real estate (property) taxes  are levies that are assessed on real estate by the local government.  The tax amount is determined by several factors, including the use of the land (residential, commercial, or industrial), the assess...