SECTION 10-7 Homeowners Insurance Premium pp. 359-360.

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Presentation transcript:

SECTION 10-7 Homeowners Insurance Premium pp. 359-360

Key Words to Know premium (p. 359) The amount paid to an insurance company for insurance. fire protection class (p. 359) A number assigned to property based on how safe it is from fire, used to determine the cost of insuring it.

Example 1 The replacement value of Yoda’s mud hut is $150,000. He has insured his home for 80 percent of its replacement value. The home is of wood-frame construction and has been rated in fire protection class 4. What is the annual premium?

Example 1 Answer: Step 1 Find the amount of coverage. Replacement × Insured Percent of Value of Home Replacement Value $150,000 × 80% = $120,000

Example 1 Answer: Step 2 Find the annual premium. (See Figure 10.5 on page 359 of your textbook.) Find the column, Wood Frame. Find the Fire Protection Class 1-6 column Find the Amount of Insurance Coverage column with 120,000.

Example 1 Answer: Step 2 (cont.) Follow across the column and down the row to where 120,000 and 1-6 meet. $381

Practice 1 A brick home’s replacement cost is $250,000. It is insured for 100 percent. It is in an area rated fire protection class 3. What is the annual premium?

Practice 1 Answer $737

360:1-7