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Homeowners/Renters Insurance

Homeowners/Renters Insurance. Ms. Perez. Estimate the value of your things…. Clothes? $_________ Bedroom furniture? $________ Electronic equipment? $_________ Other? $____________ What would happen if you LOST ALL these things? How you would feel? Could you afford to replace them ALL?.

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Homeowners/Renters Insurance

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  1. Homeowners/Renters Insurance Ms. Perez

  2. Estimate the value of your things…. Clothes? $_________ Bedroom furniture? $________ Electronic equipment? $_________ Other? $____________ What would happen if you LOST ALL these things? How you would feel? Could you afford to replace them ALL?

  3. Do you think you need to think about getting renters/homeowners insurance? College? Military? You own apartment?

  4. What policies cover • Personal items • Estimate and itemize valuables once a year • Unintentional damage • Fires • Liability • Damage or injuries to others • Medical • Someone falls and hurts themselves at your place • Additional living expenses

  5. Proof of Loss When you have a claim, you MUST be able to prove that you had a loss Proof of ownership Keep your receipts!

  6. Deductible What you pay before the insurance company pays The higher the deductible the lower the premium

  7. Actual cash value policy ACV is the current value of your things if you sold them today. Mac laptop from 2005- $500

  8. Replacement Cost Policy RC is the amount it would cost you to go out and buy the same item today. Which do you think costs more?

  9. Scenario Your neighbor installs a hot tub, but your lease says that you are not allowed to have hot tubs. It breaks and leaks into your apartment.

  10. What if…. Your neighbor might be liable for for the damages, but he is refusing to pay for anything. If you have renters insurance, who pays for the stuff that needs to be fixed?

  11. Your insurance company, then they would go after him to get reimbursed

  12. What if… Neither one of you has insurance? Who pays for your things?

  13. You do! You also might hire a lawyer to seek reimbursement

  14. What if… You were the neighbor with the hot tub and no insurance? Could you afford to pay for the damage to your apartment AND someone elses?

  15. John has the following renter insurance policy: • $250 deductible • $30,000 Personal Property Limit • $2,500 Special Limit for Certain Property • $100,000 Liability

  16. John moved out of the dorms into an apartment with his friends, Chris and Randy. After talking to an insurance producer, John decided to carry renter insurance on his stuff. He gave the producer the following list of items to be covered: • Clothes - $8,000 • College books - $2,000 • Couch - $150 • Coffee table set - $100 • Lamps - 3 @ $25 each = $75 • Bed - $200

  17. Chris & Randy owned the $900 35-inch TV, $2,000 stereo, and $3,000 computer along with their beds, books and clothes, but they decided that they did not need insurance. While on break from school, Chris had a grease fire in the kitchen, and everything was lost. • How much did John pay? • How much did Chris & Randy pay? • How much did the insurance company pay?

  18. Chris and Randy ended up with nothing. They did not insure what they had and don’t have the money to immediately replace all of their stuff.

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