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Who remembers these stories…. Florida sinkhole video Kentucky Sinkhole video. Home and Renter’s Insurance. Importance. Loss of a house, property, or accidents (non-automobile) that are your fault can be EXTREMELY costly Home/renter’s insurance protects you from these costs.
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Who remembers these stories… • Florida sinkhole video • Kentucky Sinkhole video
Importance • Loss of a house, property, or accidents (non-automobile) that are your fault can be EXTREMELY costly • Home/renter’s insurance protects you from these costs
Amount of Coverage • You want to have your entire house and property covered for their entire replacement value • Get an assessment/appraisal: • Estimate of the total value of your house and property
Types of Coverage: Liability • Covers the expense of any accidents or injuries caused on your property, or someone else’s property that is your fault • Examples: hit a ball through a neighbor’s window, dog attacks a neighbor, your grandma falls down your stairs, your stove blows up the apartment complex, etc
Types of Coverage: Property • Covers the replacement cost of your house and items • Disasters/accidents NOT covered under most insurance plans: • Earthquake • Flood • War • These require separate types of insurance coverage
Types of Coverage: Property • What is covered under most home insurance policies? • Fire • Tornado • Vandalism • Explosion • Aircraft crash • Volcanic Activity • Burglary • Freezing pipes • Collapses • Etc.
Types of Coverage: Endorsements • Add-on policies that cover property items NOT covered under the normal policy • Examples: expensive items (jewelry, golf clubs, china sets, valuable artwork, etc)
Guaranteeing Your Coverage • Keep proof of ownership for property • Receipts • Pictures • Household inventory (list of items)
Renter’s Insurance • Differences from home insurance • Your apartment complex is insured by the owner (they will receive the money if it is destroyed) • You should still have liability coverage and property coverage
Quick Review • Why is it important to have home/renter’s insurance? • Loss of a house or property can be extremely costly • Why should you buy liability coverage on your home/renter’s insurance? • Protect you from having to pay for accidents/injuries that are your fault • How much coverage should you get for your house and property? • Full replacement value • How can you make sure that all of your expensive items are covered in your house? • Get endorsements • Why should you take pictures of your property or keep receipts? • Prove ownership in case they are destroyed/lost