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Hazard Insurance (Fire Insurance, Homeowner's insurance)
Insurance on a property against fire and other risks. A homeowner's policy may have additional coverage for theft, liability, etc. that a fire insurance policy may not cover.
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Homeowners Association
An association of homeowners in a particular subdivision, planned unit development (PUD), or condominium organized to manage the common area of the development and to enforce the association rules and regulations.
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Homestead
Status provided to a homeowner's principal residence in some states that protects the home against judgements up to specified amounts.
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Homestead Exemption
Available in some states - this causes the assessed value of a principal residence to be reduced by the amount of the exemption for the purposes of calculating property tax.Example : John's principal residence is assessed at $100,000 and the homestead exemption is $7,000. His property taxes will be based on $93,000.
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Home Warranty Plan
Insurance that covers appliances, heating systems, etc. Typically purchased at the time of closing.
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Housing and Urban Development
A U.S. government agency established to implement certain federal housing and community development programs.
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Housing Code
A local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings.
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HUD 1
A closing document required by HUD that outlines the settlement cost of a loan. The closing agent prepares this document and sends it to the buyer upon closing.
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Hypothecate
To pledge a property as security without having to give up possession of it.
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