what is the difference between hazard insurance and private mortgage insurance 
hazard insurance helps the homeowner financially by paying you compensation if damage occurs to the home s physical structure from a covered event private mortgage insurance pmi protects the mortgage lender if you default on your payments can i remove hazard insurance from my mortgage if you have a mortgage loan you will be required to have hazard insurance coverage as part of your homeowners insurance policy hazard insurance protects you and the lender allowing you to receive compensation if a covered event damages your home and surrounding structures the bottom linehazard insurance falls under your homeowners insurance policy which covers physical damage to your home and other structures hazard insurance is designed to provide you compensation if sudden events damage your property structures including fire wind hail and snow however hazard insurance does not cover floods earthquakes and hurricanes in some regions of the country 