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Property Insurance

Property Insurance. Chapter 14 , 14-3. Coverage helps 3 types of loss-- Protects against: Damage to home or property (1). restores property from damage done by things like fire, vandalism or natural disasters. Insurance may pay all or a portion of your expenses.

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Property Insurance

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  1. Property Insurance Chapter 14, 14-3

  2. Coverage helps 3 types of loss--Protects against:Damage to home or property (1) restores property from damage done by things like fire, vandalism or natural disasters. Insurance may pay all or a portion of your expenses

  3. Protects against:Additional living expenses (2) If you must stay in a hotel or apartment while your property is being restored, this feature helps cover those expenses.

  4. Protects against:Liability protection (3) comes under personal liability coverage covers claims by others for things that happen on your property. Ex. Neighbor slips on your icy sidewalk

  5. Property insurance policies cover 2 things: • Real property (permanently attached) • Personal property (not attached)

  6. Homeowners Policy comes in 3 forms: basic, broad, and special (refer to p.518 for coverage) covers the same as if you purchased separate policies for each peril personal liability included in all forms

  7. Renter’s Insurance covers household goods and personal belongings. may also cover personal liability coverage

  8. SPECIAL NOTE: Flood and earthquake are not typically covered in ANY insurance policy. You may, however, purchase a separate rider to cover such an event.

  9. Steps to file a claim • Keep an inventory of everything you have insured, including the brand name and purchase price, along with the date of purchase. • take photos or videos of belongings and store where it cannot be lost or damaged in the event of a mishap. • age is important when a claim is paid, so be sure you can prove your item’s age. • replacement insurance

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