Did you know that owning a home is still, in 2016 (despite what some of the Millennial-themed articles you may be reading say), a major part of the American Dream? Owning a home means that you have found success in your professional and private life; it means you are officially a real adult paying adult bills and making adult plans. But did you also know that if you don’t take proper precautions, you could lose your home? Are you willing to lose something you’ve spent years working for due to a fire or natural disaster? Probably not. That’s where [homeowners insurance](https://coverhound.com/homeowners-insurance) comes in, particularly hazard insurance.
Are you now wondering “what is hazard insurance?” No worries, CoverHound has that answer and others to all of your homeowners insurance quandaries.
**Protection When You Need It**
As of 2015, over [62 percent](http://www.statisticbrain.com/percent-of-americans-who-own-their-home/) of Americans owned their own home, with [95 percent](http://www.iii.org/insuranceindustryblog/?p=4339) invested in a homeowners insurance plan. According to the Insurance Information Institute (III), that’s around 70 million homes. Not sure why 95 percent of homeowners think it necessary to get homeowners insurance? Have some questions? Well, let’s get to it then!
**Q:** What does homeowners insurance cover?
**A:** Homeowners insurance policies typically cover structural damage inflicted by fire, hail, windstorms and lightening. It also protects your lost, damaged or stolen valuables.
**Q:** What is hazard insurance?
**A:** Hazard insurance is [bought](http://homeguides.sfgate.com/hazard-insurance-same-homeowners-insurance-7056.html) as part of your homeowners insurance policy. Hazard insurance protects homeowners from the financial after effects of damage, vandalism and theft. There are different types of hazard insurance, so before you sign up for homeowners insurance you need to make sure that what you want covered is included in your policy.
**Q:** Is homeowners insurance required by law?
**A:** No, homeowners insurance is not [required](https://www.nolo.com/legal-encyclopedia/homeowners-insurance-what-you-need-29852.html) by law. It is required if you purchased the home using a mortgage loan.
**Q:** What affects the cost of my homeowners/hazard insurance premium?
**A:** The cost of your insurance package depends on the policy you select. More coverage generally means a higher premium.
**Q:** What kind of discounts are available?
**A:** The type of discount you can receive on your homeowners insurance depends on the insurance company you are doing business with. Retirees are usually offered a discount, and if you bundle your insurance or raise your deductible, the cost of your premium will go down. The easiest way to get a discount is to just ask!
**Q:** Can I cancel my coverage at any time?
**A:** You can cancel your homeowners insurance coverage any time, but there is a high probability that you will have to pay a cancellation fee.
**Q:** If I’m married, should my spouse’s name be included on the policy?
**A:** If both of your names are on the deed, both of your names should be on the homeowners insurance policy.
**Q:** Does homeowners insurance cover the detached garage?
**A:** This depends on the policy. Ask your insurance agent what policy to get to cover your detached garage or storage shed.
**Q:** The holidays are coming up. Is it true that homeowners insurance doesn’t cover a fried turkey explosion?
**A:** Fried turkey explosions are covered. Homeowners insurance policies cover fire damage; thus they cover cooking explosions too. We really wish your holiday cooking goes better than that, though.
**Q:** If homeowners insurance covers fire damage, does it cover flood damage too?
**A:** Yes and no. Most homeowners insurance policies demand that you bundle your policy with a flood insurance policy.
In answering your questions, what has CoverHound told you about hazard insurance? Hazard insurance is a policy included in your homeowners insurance package. Protection from fire and theft is your hazard insurance at work.
Looking for more coverage? [Check out](https://coverhound.com/homeowners-insurance) CoverHound’s offerings today!
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Insurance shopping simplified