Home owner's insurance

• Home owner's insurance covers property and liability claims on a home. It covers the home in case of fire, hail damage, storms and most natural events. It is paid by the home owner, though it may be required by the mortgage lender before a home loan is given.
  
  

Hazard insurance

• Hazard insurance can be synonymous with home owner's insurance, but home hazard insurance covers damage from problems not included in the primary home insurance. Hazard insurance can cover events such as floods, mold and termites that home owner's insurance does not. Hazard insurance can also be purchased to protect against terror attacks or damage caused by war.
  
  

Similarities and differences between home owner's and hazard insurance

• Hazard insurance is commonly available through home owner insurance companies. Hazard insurance can be purchased as a rider on the homeowner's insurance policy or separately from the same company.
  
  Unlike home owner's insurance, some types of hazard insurance are available through the government. The Federal Emergency Management Agency (FEMA) offers flood insurance. Damage from tsunamis is covered by national flood insurance.