What is hazard insurance mortgage and how does it protect my home in case of unforeseen events?

Hazard insurance, also known as homeowners insurance, is a type of insurance that protects your home and belongings in case of unforeseen events like fires, storms, or theft. It covers the cost of repairing or rebuilding your home if it is damaged, as well as replacing your belongings. This insurance is typically required by mortgage lenders to protect their investment in your home.