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Chapter 19

Chapter 19. Principles of Real Property Insurance. Risks of Property Ownership. Loss of property due to fire, wind, water, vandalism or other hazards Loss of use Liability loss resulting from negligence in the use of the property

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Chapter 19

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  1. Chapter 19 Principles of Real Property Insurance

  2. Risks of Property Ownership • Loss of property due to fire, wind, water, vandalism or other hazards • Loss of use • Liability loss resulting from negligence in the use of the property • Financial loss, particularly the inability to make mortgage payments, as a result of disability or death of a wage earner

  3. Homeowners Policy • Items covered • Replacement cost coverage • Personal articles floater policies • Credit card forgery and counterfeit money losses • Factors influencing rates • Coinsurance

  4. Renter and Condo Owner Policies • Cover only personal property and personal liability

  5. Protection from Specific Risks • Earthquake insurance • Making an inventory and a photographic record • Liability insurance • The personal excess liability policy • Flood insurance • Mortgage life insurance

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