Hazard Insurance Home Inspection Home Warranty Defined

Real Estate Term Definitions:
Hazard Insurance : Home Inspection : Home Warranty :
Homeowner's Policy : HOA Defined. Real estate glossary terms
and their definitions.

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Mortgage & Home Buyer's Glossary: H

Hazard Insurance Often confused with "Home Owner's" insurance, it's designed to compensate for specific hazards including fire and wind. An "all-risk home owner's policy" provides more complete coverage.	Home Inspection A formal survey of a home's structure, mechanical systems and overall condition, generally performed by a licensed professional inspector.		Home Warranty A policy available to the buyer or seller as assurance against unanticipated home repair costs.
Homeowner's Policy A hazard insurance policy covering at the very least the appraised value of a house and property.		HOA Home Owners Association. Some communities have a HOA to help them regulate fees for services like community parks, playground, pools, roads, etc.
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