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Homeowner’s/Renter’s Insurance

Homeowner’s/Renter’s Insurance. Homeowner’s Insurance combines property and liability insurance into one policy to protect a home from damage costs due to hazards. Home owners Insurance . Hazards- a condition that creates or increases the likelihood of loss Nature- fire, water, wind

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Homeowner’s/Renter’s Insurance

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  1. Homeowner’s/Renter’s Insurance Homeowner’s Insurance combines property and liability insurance into one policy to protect a home from damage costs due to hazards.

  2. Home owners Insurance Hazards- a condition that creates or increases the likelihood of loss Nature- fire, water, wind Crime- theft, arson, vandalism Liability- lack of supervision, negligence

  3. Will cover cost of replacing • The structure of your home • Your personal possessions • The cost of additional living expenses in the case that your home is damaged and you must live somewhere else while repairs are performed • Your liability to others for accidents that may happen at your home

  4. Coverage • Most sensible policy • Protects against all perils except those explicitly listed • Earthquake • Flood • War and nuclear accident • Exclusions- those things that are specifically listed as not covered by a policy. • Many others available at varying costs

  5. Coverage • General rule: • 100% total value • rebuilding cost • Square footage x construction cost per square foot • Ask a contractor, appraiser or agent • Personal possessions • Two types of compensation • “cash value”- pays you cash for what destroyed property was worth at time of destruction, including depreciation • “replacement cost”- what it would take to rebuild with similar quality

  6. Video Vignette

  7. How does your insurance company know the value of your possessions? • Household inventory- page 627 • List of possessions • Proof of ownership-receipts, pictures • Items not covered? • Page 628

  8. Renter’s Insurance Renter’s Insurance protects the insured from loss of personal property due to fire, smoke, moisture, theft ect Does not cover the structure itself Liability- can be added

  9. Video Vignette

  10. Assignment • Create an inventory of your room and one other room in your house. • Assign a $ value for each item. • Take list home and re-evaluate inventory • Type up your list • Add at least 10 pictures of items, receipts (if you have them) and the value of items • Due

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