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Property Insurance

To indemnify against loss . Property Insurance. Property Insurance. Covers damages to dwelling (house and attached fixtures) and personal belongings inside due to fire, storm, and theft

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Property Insurance

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  1. To indemnify against loss Property Insurance

  2. Property Insurance • Covers damages to dwelling (house and attached fixtures) and personal belongings inside due to fire, storm, and theft • Also provides liability (lawsuits) and medical (bodily injury) insurance if someone gets hurt on your property ex: dog bite or customer slips and falls • Usually must take out additional policy for damage by flood, sewer back up, earthquake, etc.

  3. Costs • Premium: Monthly costs for insurance • Can be escrowed and put into your monthly mortgage payment • Deductible: The amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs. • Higher deductible = lower premium

  4. Replacement vs Cash Value • Replacement Costs = cost to buy new • Cash value = current value of belongings • High premium for replacement costs coverage but more out of pocket expenses if purchase cash value

  5. Tips • Assess value of property before purchasing coverage • Keep receipts • Take photos • Get high valued items appraised professionally • Store records in another place or fire-proof safe • Don’t rely on landlord’s insurance

  6. Renters Insurance • Covers your belongings inside of property ex: clothes, television, computer, furniture, equipment • Landlord’s insurance covers only building – not your possessions • Relatively inexpensive – can get policy from insurance agency • Some leases require it for you to rent

  7. Auto: No-Fault Insurance -MI Law • Each driver is responsible for their own (comprehensive and collision) insurance for damage to cars regardless of who is at fault • Enacted to avoid court trials to identify who was at fault

  8. Auto Insurance • By law must have auto liability and property insurance (PLPD) in Michigan which pays for medical or property damage if you are at fault in car accident • If pulled over without no-fault insurance can be fined up to $500, put in jail for up to a year, and/or get license suspended

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