What is hazard insurance and why do you need it for your property?
When buying a property or refinancing a mortgage, you’ve probably heard of “hazard insurance”, an example of which is Triple-S Propiedad’s Casa Cubierta insurance. This insurance covers damage to your home caused by fire, hurricanes and earthquakes, among others. It’s the policy required by banking institutions when granting you a mortgage loan or refinanced loan. If your house is paid off, you should also get it to protect what you worked so hard to achieve.
In places like Puerto Rico, hazard insurance is an important protection because of natural hazards, such as hurricanes and earthquakes.
Can you choose your hazard insurance?
The answer is yes. When buying your property, you have the right to select the hazard policy that best suits your needs. No one can impose a specific insurance on you, and it’s important to review and compare options to make sure you get the right protection.
What does hazard insurance cover?
Hazard insurance is a policy designed specifically to protect the physical structure of your home against certain natural disasters and other unforeseen events that can cause serious damage, such as:
- Fires
- Hurricanes
- Earthquakes
What isn’t covered by hazard insurance?
It’s important to know that not all potential damages are covered by a hazard policy. Some of the most common risks that aren’t included are:
- Floods
- Damages due to vandalism
- Damages to third parties
Why is hazard insurance required for mortgages?
When you finance a property with a banking institution, the bank needs to ensure that the asset—in this case, your home—is protected in the event of a disaster. Therefore, this insurance is a protection measure for both parties. At Triple-S Propiedad, we manage the premium collection with your bank, facilitating the process and allowing you to keep your protection up to date, along with your mortgage payment.
We understand how important it is to fully protect your property. That’s why, at Triple-S Propiedad, we offer additional coverage options for added peace of mind.
Vandalism: Compensation for property damage caused by malicious acts.
Home Assistance: It provides support in case of emergencies, like problems related to plumbing, electricity, glass or locks, so you can solve these problems avoiding last-minute stress and expenses.
Because we understand the importance of protecting what you’ve worked hard to build, with Hazard Insurance: Casa Cubierta, we offer you the assurance that your home is protected against major natural risks. We also facilitate the process with your banking institution so you can focus on what’s important: enjoying the tranquility of your home.
To protect your home is to protect your future. Don’t leave the risks you could face up to chance. With Triple-S Propiedad’s Casa Cubierta, you have the support you need.
Call us at 787-749-4600 or 787-781-7100, You can also leave your information at https://propiedad.grupotriples.com/en/ for guidance.
