1 / 11

Chapter 24 _________ Property Insurance

Chapter 24 _________ Property Insurance. Property Insurance. I f you own real estate, you take the risk that your property may be damaged due to fire or other catastrophe. Insurance. Fire insurance is the foundation of property damage policies. Insurance Terms. Insured = Homeowner

ciro
Download Presentation

Chapter 24 _________ Property Insurance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chapter 24_________Property Insurance

  2. Property Insurance • I f you own real estate, you take the risk that your property may be damaged due to fire or other catastrophe.

  3. Insurance • Fire insurance is the foundation of property damage policies.

  4. Insurance Terms • Insured = Homeowner • Insurer = Insurance Company • Insurance Premium = Payment

  5. Hail Tornado Earthquake Riot Windstorm Smoke damage Explosion Glass break Water pipe leaks Vandalism Freezing Building collapse Insured Risks Endorsements

  6. Homeowner Policy • Contains coverage deemed by insurance experts to be the most useful to persons who own the home in which they live.

  7. Other Insurance • Tenant’s policy – provides coverage for personal property of renter. • Condominium policy – covers personal property of owner.

  8. Insurance carried Today’s cost to replace the damaged portion 80% of today’s cost toreplace whole structure RECOVERY Application of the Co-insurance Requirement x =

  9. Liability Coverage • Medical Payments • Endorsements

  10. Lender Requirements • Flood Insurance • Guaranteed Replacement Cost • Flood Insurance • Landlord Policies

  11. Key Terms • Insured • New for old • Old for old • Peril • Public liability • All-risk policy • Broad form (HO-2) • Endorsement • Homeowner policy • Insurance premium

More Related