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Hazard insurance is an insurance policy to protect homeowners against property damage.
Lenders require that you get a hazard insurance policy before you buy or refinance a home. Hazard insurance shields you against property damages caused by a fire or a severe storm. If a catastrophe does happen, hazard insurance should cover the costs to rebuild your home. Generally, you have to pay for the first year of hazard insurance on the closing date. The yield-spread premium is the amount sometimes paid by the lender to the broker for their services.