property coverage insurance  Damage to home or property  You should always insure your home and other expensive property  Property insurance covers damage from fire, vandalism, unavoidable accidents, and natural disaster  If you have insured and you property gets damaged insurance will pay all or a portion of the cost of repair or replacement

Property coverage insurance  Additional living expenses  property insurance often includes coverage for additional living expenses  If you had a house fire they would pay your expenses to live in a hotel or apartment

Property coverage insurance  Liability protection  Personal liability coverage covers claims from injuries to people or damage to property cause by you  If some one gets hurt on your property it will pay the medical and legal costs up to a stated limit

Property insurance policies  Homeowners policies  Home owners insurance is the most common property insurance sold today.  Homeowners insurance comes in many forms.  Basic- insures property against the first 11 perils  Broad- covers 18 different risks that could happen to your property  Special- covers all perils except earthquake, flood, war, and nuclear accidents

Types of perils  Basic  1.fire or lightening9. vandalism or malicious mischief  2.volcanic eruption10.theft  3.wind storm or hail11. breakage of glass  4.explosions  5.vehicles  6.riot or civil commotion  7.aircraft  8.smoke

Types of perils  Broad  12.falling objects  13.weight of ice snow sleet  14.collapse of buildings  15.sudden tearing apart of a water heating system  16.accidental discharge from plumbing heating or air conditioning system.  17.freezing of plumbing heating or any domestic appliances  18.accidental injury from electrical appliances

Property insurance policies  Renters policies  Covers household goods and personal belongings  Covers the same kinds of perils that homeowners policies  Renters policies might include personal liability coverage but it doesn’t protect the actual living dwelling

Property insurance policies  Special coverage  You can purchase policies for damage caused by flood in a flood prone area  You can obtain insurance to protect against economic losses caused by earthquakes  Neither of these two perils are typically covered in other policies

Property insurance policies  Making a claim  You should keep list called an inventory of personal property that you have insured  The list should include brand name and description of each item, the purchase price, and date and place of purchase  Insurance agents suggest keeping receipts for purchases  Taking photographs or videos of you furniture and other property can also help support the claim

Property insurance policies  Making a claim  Inventory records should be stored in a location that I cannot be damaged by fire water or smoke.  The age of a personal property item is quite important most property becomes old, gradually wears out, and decreases in value.  This decrease in value in depreciation.

Property insurance cost  converge selection  some insurance companies provide for automatic increases in property coverage as the prove level increases  Others will pay the current replacement value if the property is insured for a least 80 percent of that replacement value  building costs and property values increase almost every year  Property owners should review the value of their homes and insurance coverage on a regular basis

Insurance premiums  insurance premiums  Premiums paid for homeowners insurance have grown each year.  Several fa